The Belfast-based technology firm Andor Technology, which develops and manufactures global scientific digital cameras, has bought US high-tech company Photonic.
Andor is paying US $5m in cash for Photonic and more than 156,000 Andor shares of 2p each. An additional US$1.95m may be payable by Andor if Photonic exceeds certain order targets and product development goals in the 18 months following completion of the deal.
Photonic is a developer, manufacturer and supplier of laser and lamp based illumination and ablation systems. Its Micropoint and patented Mosaic products are market leaders in fluorescence imaging and laser ablation for confocal and wide field microscopy.
Photonic’s business currently operates from two locations in the US. However, manufacturing will transfer to Andor’s facility in Belfast within the first year and sales will be managed from Andor’s existing US hub in Connecticut.
In the year ended 31 December 2009, Photonic reported revenue of US$3m and operating profit of US$0.8m.
“Photonic has a strong market position, patented technology, high margin performance and good cash generation. It will be a perfect fit in our systems division and I am delighted to welcome the team to Andor,” said Andor CEO Conor Walsh.
The co-founder of Photonic, Robert Nowak, said the company was delighted to be joining Andor. “We believe that the combined offering of Andor’s systems products, Bitplane’s software and Photonic’s ablation and patented illumination products strengthens the position of each of the businesses and offers the customer a compelling proposition,” he added.
Andor also said today that its trading for the first six months of financial year to 30 September 2010 is expected to be ahead of expectations. The company said it has benefited from a strong performance from the research and original equipment manufacturer (OEM) segments, along with the continued weakness of sterling.
Article courtesy of Businessandleadership.com