Harvard Bioscience Expands in Spain
Harvard Bioscience expands its access in European markets with this acquisition. Based in Barcelona, Spain, many of the products Panlab offers are for laboratory animal testing. Rest of World sales, including Europe outside the UK, accounted for 17.6% of Harvard Bioscience’s 2006 revenues and grew 23.3%.
Holliston, MA 10/11/07—Harvard Bioscience has acquired Panlab for $5.0 million in cash. Panlab manufactures and distributes life science instruments, primarily for the neuroscience research market. “With the acquisition of Panlab, we are able to expand our distribution channels by establishing a subsidiary in Spain. In addition, the acquisition provides us access into a segment of the neuroscience research market which we estimate to be between $35 million and $70 million,” said Harvard Bioscience CEO Chane Graziano. Harvard Bioscience estimates the acquisition to add annual revenues of $8–$10 million at current exchange rates and to impact non-GAAP adjusted EPS by $0.03–$0.04 in 2008.
