SDIX Sells Food Safety Businesses
SDIX’s GAT (Genomic Antibody Technology) produces antibodies and antibody-based reagents for research and in vitro diagnostic applications. The company’s 2011 revenue for Kit Products, which consisted of the food safety-related product lines, declined 5.5% to $7.7 million to make up 32% of revenues. The company had a negative cash flow of $2.3 million to end the second quarter with $7.6 million in cash.
Newark, DE 10/1/12; Tulln, Austria 10/1/12—SDIX has agreed to sell its Food Safety and GMO businesses to food safety diagnostic firm Romer Labs for $13.5 million. The Food Safety business provides the RapidChek lateral flow test strips, phage-based enrichment systems and CONFIRM immunomagnetic confirmation tools for the detection of pathogens. The GMO business includes test kits, for which Romer Labs has an exclusive distribution partnership. “The sale of our Food Safety and GMO businesses to Romer Labs represents a continued commitment to focus on our core Life Science business and our Advanced GAT technologies,” said SDIX President and CEO Francis DiNuzzo. “The net cash from this sale will strengthen our balance sheet and provide additional investment flexibility for our Life Science businesses.” All staff members from the businesses will joint Romer Labs, which will maintain the operations in Newark, Delaware. The acquisition is expected to close in the fourth quarter.
