Business
Oxford Instruments agrees to buy WITec GmbH
Oxford Instruments agrees to buy WITec GmbH.
About this update from Oxford Instruments Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0027C\n Oxford Instruments PLC\n 16 June 2021\n \n \n \n \n 16 June 2021\n \n \n Oxford Instruments plc reaches agreement to buy WITec GmbH\n \n \n \n \n \n Oxford, 16 June 2021; Oxford Instruments plc (\"the Group\"), a leading provider of high-technology solutions, information and services for industry and research, today announces the acquisition of WITec Wissenschaftliche Instrumente und Technologie GmbH, a leading provider of Raman microscopy imaging solutions, based in Ulm, Germany, for a cash-free, debt-free consideration of €42m, of which €5m is conditional on trading performance over a period of 12 months following completion. Completion is subject to regulatory approval of the transaction by the Federal Ministry for Economic Affairs and Energy (BMWi) in Germany. These conditions are expected to be satisfied during the second quarter of the Group's financial year. \n \n \n \n \n \n The acquisition is in line with Oxford Instruments' strategy of supporting customers in attractive end markets, enhancing its portfolio of solutions for a range of applications including semiconductors, life science and advanced materials. It will enable WITec GmbH to build on its success to date, benefitting from the global reach of Oxford Instruments, alongside its complementary technology and application knowledge.\n \n \n \n \n \n WITec's unaudited revenue for the twelve months to 31 December 2020 was €18.2m (£15.7m), with return on sales below the average for the Group.\n \n \n \n \n \n Dr Ian Barkshire, Chief Executive, Oxford Instruments said, \"We are delighted to welcome WITec colleagues to Oxford Instruments. WITec's leading Raman microscopy solutions are a great complement to our existing products and techniques. Raman microscopy is an important and widely used technique across academic and commercial customers for fundamental research, applied R&D and quality assurance / quality control. The technique is used in conjunction and alongside our existing characterisation solutions and broadens the capabilities that we can bring to existing customers whilst expanding opportunities into new market areas. Providing a broader range of solutions helps us support our customers in facilitating a greener economy, increased connectivity, improved health and achieve leaps in scientific ...