Helsingborg, Sweden 10/15/17 and 11/7/17; Skedsmokorset, Norway 10/26/17—Sweden-based Nederman, a supplier of environmental technology products, has acquired Norweigan firm NEO Monitors for NOK 402 million ($49 million @ NOK 8.16 = $1) in cash from Norsk Elektro Optikk. NEO supplies tunable diode laser spectrometers with an installed base of over 11,000 instruments. NEO generated 2016 revenues of NOK 108 million ($13 million), and revenues are expected to grow this year. “We see great complementary value in combining Nederman’s global solutions and strong aftermarket services with the portfolio and advanced capabilities provided by NEO Monitors,” commented Nederman President and CEO Sven Kristensson.

The acquisition indicates the continued growth of the TDLAS market for process monitoring, albeit with a new entrant, as major gas measurement suppliers Endress+Hauser (see Executive Briefing and IBO 6/30/12) and Environnement SA (see IBO 10/31/16) have also made acquisitions in the space. NEO Monitors provides tunable diode laser spectrometry–based process systems for gas and dust measurement, including 36 individual gases. NEO Monitors has almost 40 employees.

Publicly listed Nederman provides industrial filtration and recycling solutions, recording 2016 revenues of SEK 3,107.3 million ($363.0 million @ SEK 8.56 = $1). Analytical instrumentation is a new market for the company but many of its customers in industrial markets utilize process analyzers.