WALTHAM, Mass., April 21 -- Thermo Electron Corp., a supplier of scientific instruments, announced today the purchase of US Counseling Services Inc. (USCS) for $77.9 million in cash, subject to a post-closing adjustment. Thermo Electron's net purchase price is $74.7 million, after adjusting for $3.2 million in cash acquired with the business.
Thermo Electron said the acquisition augments its service business to provide critical asset management skills. USCS, Based in Brookfield, Wisc., provides equipment asset management services in the pharmaceutical and healthcare industries, including instrument and equipment maintenance management, physical inventory tracking, and cost-of-ownership analysis to help customers improve the performance of their laboratory or facility. USCS was founded in 1969 and employs 175 people.
Thermo Electron has historically provided maintenance and repair services to customers. In November 2003, it acquired lab services provider LMSi.
Marijn E. Dekkers, president and CEO of Thermo Electron, said, "The pressure to reduce operating budgets and improve return on assets is very real to laboratory and facility managers. USCS has a proven track record with its Lifecycle maintenance management product, a valuable tool enabling customers to manage their total cost of ownership for major capital equipment investments. Having completed the acquisition of LMSi, this acquisition represents the next step in Thermo's strategy to expand our leading laboratory services business in the life science and analytical instruments industry."
For more information, visit: www.thermo.com