Oxford Instruments plc (‘the Company’), the high technology tools and systems company, announces today that it has received irrevocable acceptances for 81.4% of the issued share capital of WAS, a leading German manufacturer and international supplier of Arc/Spark optical emission instrumentation used to analyse the chemical properties of metals.
The acquisition has the full support of the WAS Board and an offer for the
remaining minority shares has been made A maximum consideration of £9.3m will be payable in cash if 100% of the shares and convertible bonds are acquired.
It is expected that the acquisition will have a positive impact on trading profit in its first year.
In the year to 31 December 2006, WAS reported turnover of £5.7m and a trading profit of £0.4m. The gross assets acquired in the transaction total £3.3m.
WAS’ technology and expertise in mobile, portable and stationary optical
emission spectrometry (OES) will significantly strengthen and complement Oxford Instruments Industrial Analysis’ existing product range of industrial spectrometers. The OES technique is particularly suited for the identification of elements such as Carbon, Sulfur, Phosphorous and Nitrogen in metals in amongst others, the steel industry. Inspection companies use OES for maintenance work at petrochemical and nuclear plants where use of the correct metal alloy is vital. Customers in the aviation, oil refining and recycling industries will now have a greater choice of high performance tools to meet their demanding quality control and safety requirements.
This acquisition is part of the strategy put in place by Chief Executive,
Jonathan Flint, to acquire complementary technologies and double the size of the Company over five years.
Bradley Boyer, President of Oxford Instruments Industrial Analysis(OIIA), said:
”This acquisition is part of our on-going strategy to deliver added value to our customers and to grow our share of the Optical Emission market. We are delighted that WAS will be joining us, and look forward to working with them to deliver an enhanced service to our customers.”
Vito Angona, Managing Director of WAS, is joining the OIIA Board. ”We are
delighted to be part of Oxford Instruments’ he said, ‘and look forward to
playing a significant role in the next stage of business growth.’