Kewaunee Acquires 100% of Asian Subsidiary
As of April 30, 2012, the company held a 51% stake in Kewaunee Labway Asia, which was established in 1998 through a partnership with the distributor Labway Scientific. Kewaunee also owns a holding company in Singapore. Kewaunee’s International sales showed strong growth in fiscal 2013 (see page 3).
Statesville, NC 7/8/13—Kewaunee Scientific, a provider of laboratory, healthcare and technical furniture products, has acquired all of the outstanding minority shares of its Kewaunee Labway Asia subsidiary. Based in Singapore with a subsidiary in India, Kewaunee Labway Asia serves as the company’s international center for sales and installation and had fiscal 2013 sales of $17 million. “This is an indication of our continuing commitment to capitalize on opportunities in the global marketplace, particularly in the growth markets of India, Singapore, China, and the Middle East,” stated Kewaunee President and CEO David M. Rausch. The transaction is expected to be accretive to earnings beginning this fiscal year.
