Thermo to Buy Princeton Security Technologies
Last year, Princeton Security Technologies revenues rose 62.1% to $4.2 million (see page 12), with sales of Radioactive Isotope Identifiers increasing 137.8% to account for 74% for sales. The company attributed this growth to expanded distribution, new products and applications, and geographic expansion. The product lines are a good fit with Thermo’s radiation detection offerings.
Princeton, New Jersey 6/13/12—Thermo Fisher Scientific has entered into an agreement to acquire Princeton Security Technologies for $0.89 per share in cash, or approximately $13 million. The price represents a 78.0% premium over the stock’s closing price on June 12. Princeton Security Technologies develops and manufactures X-ray and gamma ray detectors, spectroscopy systems and radioisotope-identifier products. “[T]he combination of Thermo Fisher’s global reach and leadership in radiation measurement and monitoring with Princeton’s innovative detector technology represents a coupling of complementary strengths that will benefit our customers and employees,” commented Princeton President and CEO Juhani Taskinen. The deal is expected to close next month.
