BILLERICA, Mass. and TUBNEY
WOODS, England, Nov. 17, 2016 /PRNewswire/ -- Oxford Instruments
plc (LON: OXIG) and Bruker Energy and Supercon Technologies, Inc.
(BEST), a subsidiary of Bruker Corporation (NASDAQ: BRKR), today
announced that they have closed the acquisition of Oxford
Instruments Superconducting Wire LLC (OST), based in Carteret, New Jersey, by BEST for a total
consideration of 17.5 million US
dollars in cash.
In the transaction, BEST has acquired all shares of OST from
Oxford Instruments. The OST business will be part of BEST's
advanced superconducting materials business, and one of two major
development and production sites for low-temperature
superconductors (LTS). BEST plans to optimize the OST portfolio,
and integrate the OST operations into optimized BEST processes in
order to continue the OST operations in New Jersey at enhanced productivity, quality
and profitability levels. The acquisition of OST will expand
BEST's technology portfolio with OST's unique Rod Restack Process
(RRP) conductor portfolio, which is already being used by leading
international fusion and high-energy physics projects that require
highest magnetic fields.
Superconducting wires are used primarily in healthcare and
scientific instrumentation, e.g. for magnetic resonance imaging
(MRI) and nuclear magnetic resonance (NMR) magnets, as well as for
high-energy physics and fusion, accelerator, confinement and
detector magnets in 'big science' projects.
BEST has experienced significant growth in the LTS market for
several years, following major capacity, automation and quality
control investments. The acquisition of OST will enhance BEST's
capabilities along the entire production chain with the goal to
provide even higher performance, quality and delivery flexibility
to its LTS customers. With the acquisition of OST, BEST has emerged
as a world leading LTS provider with the broadest technology and
product portfolio, the highest productivity, and industry-leading
conductor performance and quality. BEST also has an emerging,
high-temperature superconductivity (HTS) business, optimized for
ultra-high field magnet applications, and based on 2nd
generation HTS tape technology.
Oxford Instruments has recognized the ongoing challenges within
the superconducting wire markets due primarily to pricing pressures
exerted by the MRI system manufacturers and the need for larger
scale operations in order to address this. After a comprehensive
review of OST, Oxford Instruments has determined it no longer fits
with the Group's long-term strategic vision. The decision to sell
this business to BEST will allow OST to continue to provide
customers with the performance and quality expected of them.
Ian Barkshire, Chief Executive
Oxford Instruments, commented: "OST remains a high quality
business; its acquisition by BEST will allow the realization of
synergies of scale for both organizations. The business will be
better positioned to ensure the ongoing success in this market and
the high quality of care for employees and customers that OST is
well known for."
Dr. Burkhard Prause, President
and CEO of BEST, explained: "This is a clearly synergistic
acquisition for BEST that expands our LTS capacity, our reach into
the US market and into China, as
well as into the superconductivity and magnet research community.
It will allow BEST to better serve our global customers with
improved response times, accelerated innovation, higher flexibility
and more localized content. Our MRI OEM customers have accelerated
their own innovation cycles and expect critical partners to keep up
with their magnet developments. This acquisition will allow BEST
and OST to improve our cost, productivity and margin position over
time, in order to offer highest performance, quality and optimized
total cost of ownership to our customers. OST has tremendous
experience and great products, and we welcome our new colleagues to
our team."
During the six month period ending September 30, 2016, OST had revenues of
19.1 million British Pounds (GBP) and
operating profit of 1.1 million British
Pounds (GBP). Bruker does not anticipate the acquisition to
have a significant impact on Bruker's full year 2016 projected
sales, operating margin expansion and non-GAAP EPS outlook.
About Bruker Corporation
For more than 50 years, Bruker has enabled scientists to make
breakthrough discoveries and develop new applications that improve
the quality of human life. Bruker's high-performance scientific
research instruments and high-value analytical solutions enable
scientists to explore life and materials at molecular, cellular and
microscopic levels.
In close cooperation with our customers, Bruker is enabling
innovation, productivity and customer success in life science
molecular research, in applied and pharma applications, and in
microscopy, nano-analysis and industrial applications, as well as
in cell biology, preclinical imaging, clinical research,
microbiology and molecular diagnostics. For more information:
www.bruker.com.
About Oxford Instruments plc
Oxford Instruments designs, supplies and supports
high-technology tools and systems with a focus on research and
industrial applications. Innovation has been the driving force
behind Oxford Instruments' growth and success for over 50 years,
and its strategy is to effect the successful commercialisation of
these ideas by bringing them to market in a timely and
customer-focused fashion.
The first technology business to be spun out
from Oxford University, Oxford Instruments is now a
global company and is listed on the London Stock Exchange
(OXIG). Its objective is to be the leading provider of
new generation tools and systems for the research and industrial
sectors with a focus on nanotechnology. Its key market sectors
include nano-fabrication and nano-materials. The company's strategy
is to expand the business into the life sciences arena, where
nanotechnology and biotechnology intersect.
This involves the combination of core technologies in areas such
as low temperature and high magnetic field environments;
Nuclear Magnetic Resonance; X-ray, electron, laser and optical
based metrology; atomic force microscopy; optical imaging; advanced
growth, deposition and etching.
Oxford Instruments aims to pursue responsible development and
deeper understanding of our world through science and technology.
Its products, expertise, and ideas address global issues such
as energy, environment, security and health.
http://www.oxford-instruments.com/
For More Information:
Dr. Burkhard Prause
President & CEO
Bruker Energy & Supercon Technologies, Inc.
T: +49-(0)6181-4384-4133
E: Burkhard.Prause@bruker.com
Investor contact:
Miroslava Minkova
Head of Investor Relations
Bruker Corporation
T: +1 (978) 663-3660, ext.
1479
E: Miroslava.Minkova@bruker.com
Oxford Instruments plc
Ian Barkshire, Chief Executive
Gavin Hill, Group Finance
Director
Tel: +44 (0) 1865 393200
MHP Communications
Rachel Hirst / Jamie Ricketts
Tel: +44 (0) 20 3128 8100
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SOURCE Bruker Corporation