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Sifam Instruments Acquisition
Sifam Instruments Acquisition.
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[{"type":"text","content":"\n Elektron PLC\n09 August 2007\n\n\nFOR IMMEDIATE RELEASE\n\n 9 August 2007\n\n ELEKTRON PLC\n ('Elektron')\n\n Acquisition of Sifam Instruments Limited ('Sifam')\n\nThe Board of Elektron, the AIM quoted components and electronics group,\nannounces that it has acquired the Sifam Instruments Limited group of companies.\nSifam is a leading designer and manufacturer of nano-scale sensors and\npositioning actuators, electrical and electronic measuring instruments and\nprecision multi-shot mouldings.\n\nSummary of the Acquisition\n\nElektron paid on completion an initial consideration of £2 million in cash\nfinanced from its own resources. The consideration may be increased or reduced\non a pound for pound basis by a maximum of £300,000 subject to net assets at\ncompletion (with Sifam's freehold property assets included at cost price) being\ngreater or less than £2.1 million and/or profits for the year to 30 November\n2007 being greater or less than £285,000.\n\nPost completion, Sifam will settle in full its liability of £910,000 owing to\nthe Sifam Limited Retirement and Death Benefits Plan. No further payments will\nbe due in this respect\n\nOverview of Sifam\n\nSifam operates from a 68,000 square feet facility in Torquay employing 170\nstaff.\n\nSifam's Queensgate Instruments division, a spin out from Imperial College is a\nrecognised world leader in nano-positioning, providing standard and bespoke\nproducts that have the ability to measure and move to nanometer accuracy - one\nmillionth of a millimetre. Queensgate provides nano-positioning and sensing\nsolutions for high technology industries and research institutions. Over 70% of\nsales are custom designs of performance critical components for multi-national\ncorporations. Queensgate's products are used in a number of world-renowned\nInstitutes and Universities, NASA (including the international space station),\nthe European Space Agency ('ESA'), Massachusetts Institute of Technology ('MIT')\nand the Max Planck Institute. Volume customers typically comprise high-end\ncapital equipment manufacturers for the production of semi-conductors and\nmagnetic storage drives. In the year to 2 December 2006 Queensgate had sales of\n£1.8 million.\n\nSifam is also involved in areas which are complementary to the existing\nactivities of Elektron. It manufactures analogue and digital met...