Oxford Instruments Acquires Metorex
WITNEY, UK-Oxford Instruments has agreed to acquire Finland-based Metorex International OY for €4.9 million ($6.0 million) in cash and a deferred cash consideration of €6.1 million payable upon significant sales growth over the next 18 months. Metorex supplies instruments for chemical analysis and rapid elemental identification, including x-ray fluorescence (XRF) alloy analyzers, mobile optical emission spectrometers and online analyzers. In 2003, it recorded €9.8 million ($11.1 million) in revenue and an operating loss €1.9 million. The fair value of the net assets to be acquired is €0.6 million. According to Oxford, the acquisition furthers its scale and market share in its XRF business, where Metorex’s detector technology will add competitive advantage. It will join Oxford Instruments’ Analytical business.