Eurofins Announces the Successful Closing of the Acquisition Of EAG Laboratories
December 04 2017 - 1:30AM
Business Wire
Regulatory News:
Eurofins (Paris:ERF):
Eurofins Scientific (EUFI.PA), a global leader in bioanalytical
testing, announces the successful closing of the transaction to
acquire EAG Laboratories (“EAG”), a leading global scientific
services company providing analytical testing and consulting
solutions to a diverse and demanding set of end markets, from
affiliates of Odyssey Investment Partners, as communicated on
September 18, 2017.
EAG employs over 1,000 highly educated and talented scientists
and support personnel, and expects to generate revenues in excess
of US$ 220m in 2017. The agreed acquisition price is US$780m on a
cash free debt free basis and the transaction should be immediately
margin accretive for Eurofins after closing.
EAG provides Eurofins an entry into the dynamic and growing
Materials and Engineering Sciences markets, where EAG is number one
in its core markets. This represents an entirely new business line
for Eurofins, and provides a platform with significant organic and
inorganic growth potential. The company provides highly advanced
investigative testing of organic and inorganic materials, serving a
wide range of industries including high tech, aerospace, defense,
medical device, chemicals and semiconductors. Services include
elemental profiling, advanced imaging, materials characterization,
metallurgy and failure analysis. EAG differentiates itself with
proprietary testing systems, software and processes, market leading
capacity and turnaround time, as well as deep technical knowledge
and expertise.
EAG is a leading North American provider of advanced chemical
testing services for pesticides, industrial and household
chemicals. It provides end-to-end support for e-fate, metabolism,
eco-toxicology and residue studies required for pesticide and
chemical regulatory testing to support global registration
requirements. The company has extensive expertise to test molecules
with highly complex profiles. EAG’s agroscience business is highly
complementary to the existing Eurofins agroscience business in
terms of capabilities/capacities and particularly geography, making
the combined company the only global solution provider capable of
providing a full suite of services for our clients in the Chemical
industry to perform required research services for government
regulatory approvals in North America, Europe, Asia and Latin
America. In the biopharmaceutical testing market, EAG adds a highly
desirable asset to the Eurofins BioPharma Product Testing group to
strengthen Eurofins’ extensive range of small molecule and
biologics testing and characterization services to a broad range of
biopharmaceutical customers.
Comment from Dr. Gilles Martin, Eurofins CEO: “We are
extremely pleased to welcome EAG and its talented teams to the
Eurofins Group. EAG’s competencies, reputation for scientific
excellence and footprint further strengthen Eurofins’ global
offering in the highly attractive biopharmaceutical and agroscience
testing markets, with perfect geographic complementarity. In
addition, EAG provides Eurofins with an entirely new business line
and growth market in material sciences, where the management has
developed a robust plan to grow both organically and via
acquisitions. We look forward to strengthening their portfolio and
operating footprint by providing access to the full range of
services and capabilities of the Eurofins Group.”
Comment from Dr. Siddhartha Kadia, President and CEO of
EAG Laboratories: “We are proud to have played a crucial role for
our customers in many end-markets throughout our history. During
the last 4 years, we have made substantial investments into
state-of-the-art lab facilities equipped with the best-in-class
instrumentation, key scientific talent and industry-leading
commercial resources. We share many attributes of Eurofins’ culture
including: Scientific Excellence, Focus on serving our Clients and
Growth mindset. We are confident that the business is set for a
successful and exciting future under the global reach and
scientific expertise of Eurofins.”
For more information, please visit
www.eurofins.com
Notes for the editor:
Eurofins – a global leader in bio-analysis
Eurofins Scientific through its subsidiaries (hereinafter
sometimes “Eurofins” or “the Group”) believes it is the world
leader in food, environment and pharmaceutical products testing and
that it is also one of the global independent market leaders in
certain testing and laboratory services for agroscience, genomics,
discovery pharmacology and for supporting clinical studies. In
addition, Eurofins is one of the key emerging players in specialty
clinical diagnostic testing in Europe and the USA. With over 30,000
staff in 400 laboratories across 42 countries, Eurofins offers a
portfolio of over 150,000 analytical methods for evaluating the
safety, identity, composition, authenticity, origin and purity of
biological substances and products, as well as for innovative
clinical diagnostic. The Group objective is to provide its
customers with high-quality services, accurate results on time and
expert advice by its highly qualified staff.
Eurofins is committed to pursuing its dynamic growth strategy by
expanding both its technology portfolio and its geographic reach.
Through R&D and acquisitions, the Group draws on the latest
developments in the field of biotechnology and analytical chemistry
to offer its clients unique analytical solutions and the most
comprehensive range of testing methods.
As one of the most innovative and quality oriented international
players in its industry, Eurofins is ideally positioned to support
its clients’ increasingly stringent quality and safety standards
and the expanding demands of regulatory authorities around the
world.
The shares of Eurofins Scientific are listed on the Euronext
Paris Stock Exchange (ISIN FR0000038259, Reuters EUFI.PA, Bloomberg
ERF FP).
Important disclaimer:
This press release contains forward-looking statements and
estimates that involve risks and uncertainties. The forward-looking
statements and estimates contained herein represent the judgment of
Eurofins Scientific’s management as of the date of this release.
These forward-looking statements are not guarantees for future
performance, and the forward-looking events discussed in this
release may not occur. Eurofins Scientific disclaims any intent or
obligation to update any of these forward-looking statements and
estimates. All statements and estimates are made based on the
information available to the Company’s management as of the date of
publication, but no guarantee can be made as to their validity.
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Investor RelationsEurofins ScientificPhone: +32 2 766
1620E-mail: ir@eurofins.com
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