LIVINGSTON, Scotland, and HONG KONG, Feb. 25, 2013 — The European subsidiary of Hong Kong-based analytical instruments firm Techcomp has acquired 66 percent of Edinburgh Instruments (EI) for $2.9 million in cash, the company announced Monday.
The acquisition fits Techcomp's business strategy of expanding into the European market, Techcomp Holdings Ltd. said in a regulatory filing in Hong Kong. Its Europe-based subsidiary, Techcomp Europe Group, makes and distributes analytical instruments, life science equipment and laboratory instruments. The Group includes Froilabo (with factories in France and Romania), specializing in ultralow temperature technologies; Precisa (based in Switzerland), a provider of high precision metrology and weighing solutions; and UK-based Dynamica, a maker of analytical and laboratory instruments.
"We are delighted to have the opportunity of adding Edinburgh Instruments to our portfolio of businesses and to be able to expand our range of technologies and products," said Techcomp Europe Group CEO Chris O'Connor.
EI, the first spinout from Hariot-Watt University, was formed in 1971 was an early pioneer of time-correlated single-photon counting, laser and gas sensing technologies. The Livingston-based company makes lifetime fluorescence spectrometers, lasers and gas sensors for scientific research and industrial markets and employs more than 65 people. The company's products include lasers, analytical spectrometers and accessories supplied by the Photonics Div. and gas detection and monitoring products supplied by the Sensors Div.
EI's founder and retired chairman, Desmond Smith, "who is a genuine pioneer of advanced photonic research, will be joining Techcomp Group as our chief scientific officer," O'Connor said. Alan Faichney, EI's CEO since June 2010, will be replaced, Techcomp said.
Techcomp said in the filing that it intends to pursue ownership of the outstanding shares of EI so it will become a wholly owned subsidiary. Investors in EI in its early days include Hamamatsu Photonics KK and Scottish Enterprise, Scotland's main economic development agency.
"EI is now ready to start a new phase of development. Techcomp's knowledge and global presence in our high-end analytical markets position them as the perfect partner to help release the full potential of our technologies," said EI Chairman Dr. Derek Shepherd.
For more information, visit: www.edinst.com