Acquisition is one step in fulfilling firm’s goal of broadening range of detection products.
Varian has taken ownership of Oxford Diffraction for approximately $37 million in cash and assumed net debt. Oxford is a privately owned company based in Abingdon, U.K., that is focused on x-ray crystallography.
The transaction also includes an opportunity for additional purchase price payments over three years, dependent on future financial performance. Those future payments could total up to $10 million if aggressive performance targets are achieved. Oxford Diffraction generated revenues of approximately $15 million for the twelve months ended March 31, 2008.
“The acquisition of Oxford Diffraction is key to Varian’s goal of broadening its range of information-rich detection products for life science research,” says Garry W. Rogerson, president and CEO at Varian.