Techcomp Acquires Majority Stake in French Firm
Mr. Lo stated that HCC has a “significant” market share in France and brand equity in Europe. He also cited HCC’s temperature-control technology as complimenting Techcomp’s products. The acquisitions also gives Techcomp access to manufacturing facilities in Europe.
Singapore and Hong Kong 7/31/09—Laboratory product manufacturer and distributor Techcomp has announced the acquisition of a 75% stake in France’s HCC Group for €1.95 million ($2.8 million = €0.696 = $1) in cash. The HCC Group operates as Froilabo SAS, Frilabor SRL and Craponne Tolerie SARL, which specialize in temperature control equipment for laboratories, such as freezers and incubators. In fiscal 2008, HCC had net tangible assets of €2.9 million ($4.2 million) and net profits of €0.26 million ($0.37 million). “We are extremely proud to take a controlling stake in one of France’s most historic scientific and laboratory equipment companies. The acquisition indicates our intent to broaden our footprint in the European market,” said Richard Lo, president and CEO of Techcomp. Techcomp holds a purchase option until the end of 2011 to acquire the remaining share of HCC.
