STRATEC Biomedical AG
- WKN: STRA55
- ISIN: DE000STRA555
- Land: Germany
Nachricht vom 02.07.2010 | 08:43
STRATEC boosts US presence through acquisition
STRATEC Biomedical Systems AG / Acquisition 02.07.2010 08:43 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement.
STRATEC boosts US presence through acquisition STRATEC extends US presence within its expansion strategy by acquiring Ballista, Inc. - Technology pool extended in optical systems and components - Cooperation with partners and customers in the US - Development and production capacity extended - Expansion of supplier network in US-dollar area Birkenfeld, July 2, 2010 STRATEC Biomedical Systems AG, Birkenfeld, Germany, (Frankfurt: SBS; Prime Standard) today announces its acquisition of 100% of the shares of privately held Ballista, Inc., Newbury Park, CA, USA. The purchase price, which will be adjusted to exclude receivables and liabilities, is set to a maximum of US$ 5.2 million, and will be paid in cash and US$ 1.2 million of treasury stock. This purchase price includes a performance-related purchase price component of US$ 0.95 million, and the shares will be subject to various lockup periods. The execution of the takeover is subject to certain conditions, which are expected to be met by July 6, 2010. Ballista is scheduled to be consolidated into the STRATEC Group from July 1, 2010, and while the purchase price allocation is expected to lower the 2010 EBIT margin by approximately 0.3 percentage points, STRATEC has no plans to adjust its financial guidance for 2010. (Current guidance: Revenues in 2010: EUR 96 - 102 million; EBIT margin in 2010: minimum of 19%; CAGR revenues between 2010 and 2012 > 15%) Ballista specializes in precision optics technology and related development, production and advisory services with a strong track record as a supplier to the diagnostics and medical technology, biotechnology and aerospace industries. Its expertise and capacities range from prototype assembly through to serial production. In 2009, Ballista generated revenues of US$ 2.7 million with 18 employees. The company was founded in 2004 and is based in Newbury Park, a short distance from Los Angeles. Its three founding partners have longstanding experience in managing and expanding high-growth companies and they have committed, via employment contracts, stock holdings and options, to remain engaged and to work with STRATEC to further develop its US presence and to build on Ballista's existing customers and technology base. Given its existing medical technology and aerospace orders, Ballista is already well positioned for the high regulatory and organizational requirements in the in-vitro diagnostics industry. The business is certified under the applicable quality management standards, and it will be gradually integrated into STRATEC's quality management system. The two companies have successfully worked together on joint programs for STRATEC's well-known customers. Given their similar dynamic corporate cultures; focusing on trust-based, reliable, quality-driven cooperation for their customers and suppliers, STRATEC and Ballista are confident they will be able to pursue a very rapid course of integration. The companies will present themselves jointly for the first time at the American Association for Clinical Chemistry (AACC) in Anaheim, CA, USA, from July 25 to July 29, 2010. STRATEC has developed numerous projects for customers in the US in recent years. The acquisition of Ballista underlines STRATEC's commitment to intensify cooperation between system integration specialists by developing an additional service and competence center, to enhance its ability to react flexibly within the relevant time zone, and to create a foothold in the US market for subsidiaries such as Invitek. In addition, by extending the supplier structure within the North American Free Trade Area (NAFTA), the company also aims to create a natural hedge against potential currency fluctuation. Lastly, the infrastructure should also assist in securing further orders in the US. Hermann Leistner, CEO of STRATEC commented on the two companies' joint future: 'By acquiring Ballista, STRATEC is continuing its successful strategy of widening its technology offering to OEM customers. Working independently as partners to the industry, we aim to further extend our leadership in technologies and processes for in-vitro diagnostics automation solutions. To this end, in Ballista we have found an experienced team offering both competence and experience.' Milton Lee, Managing Director of Ballista added: 'Given a consistent positive outlook in the medical technology business and new order growth, we have already begun to expand our business activities and competencies in this area. Joining forces with STRATEC will enable us to offer, from a single source, additional competencies and technologies. By working together, both Ballista and STRATEC will be able to significantly boost their market presence and the scope of the products and services offered to their customers. We are delighted by this cooperation and look forward to contributing to the two companies' global success as part of the STRATEC Group.' The law firm FeldbergPacific Law Group, San Francisco, CA, USA, played a leading role in handling the transaction for STRATEC. About STRATEC STRATEC Biomedical Systems AG (www.stratec-biomedical.de) designs and manufactures fully automated systems for its partners in the fields of clinical diagnostics and biotechnology. These partners market such systems, in general together with their own reagents, to laboratories, blood banks and research institutes around the world. The company develops its products on the basis of its own patented technologies. Shares in the company (ISIN: DE0007289001) are traded in the Prime Standard segment of the Frankfurt Stock Exchange. The STRATEC Group consists of the publicly listed parent company STRATEC Biomedical Systems AG and of subsidiaries and second-tier subsidiaries in Germany, the USA, the UK, Switzerland and Romania. Further information can be obtained from: STRATEC Biomedical Systems AG Andre Loy, Investor Relations Gewerbestr. 37, 75217 Birkenfeld Germany Phone: +49 7082 7916 190 Fax: +49 7082 7916 999 Email: firstname.lastname@example.org 02.07.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English Company: STRATEC Biomedical Systems AG Gewerbestraße 37 75217 Birkenfeld Deutschland Phone: +49 (0)7082 7916 0 Fax: +49 (0)7082 7916 999 E-mail: email@example.com Internet: www.stratec-biomedical.de ISIN: DE0007289001 WKN: 728900 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in München, Düsseldorf, Stuttgart End of News DGAP News-Service
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