12th Mar 2014 10:31
LONDON (Alliance News) - EKF Diagnostics Holdings PLC said Wednesday that it had acquired Florida-based Separation Technology Inc, which manufactures in vitro diagnostic devices, for USD4.0 million in cash.
The purchase price will be satisfied out of current debt facilities, EKF said. It expects the acquisition of Separation to be earnings enhancing in 2014.
Sanford, Florida-based Separation primarily produces revenues in the US, although it has recently registered products in Brazil, Kazakhstan, Russia and Thailand. It posted revenue of USD4.0 million for 2013, with earnings before interest, tax, depreciation and amortisation of around USD500,000.
Separations primary product is the ultrasound based UltraCrit haematocrit measurement device, which the US Food and Drug Administration has cleared for blood donor screening.
"The acquisition of STI is a great natural fit with our existing point-of-care business, and UltraCrit provides us with a leading product for measuring haematocrit during blood donor screening with huge potential," said EKF Chief Executive Officer Julian Baines in a statement.
Shares in EKF were trading down 0.2% at 36.17 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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