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New Board Members to be elected at extraordinary general meeting –
Introduction of holding structure proposed – Market-oriented group alignment
TECAN Group reported today that double digit growth will again be achieved in 1999 with sales up by 18% to CHF 193 m. Results are expected to be in line with sales. The company announced recommended changes to the Board of Directors to be approved at an extraordinary general meeting on 1st February 2000, an alignment of the Group’s global activities and plans to adopt a holding structure.
Hombrechtikon/Zurich, Switzerland, 11 January 2000 – Initial results show TECAN sales of CHF 193 m compared to CHF 164 m in 1998. This equals a rise of 18% or 15% in local currency and means that the company’s targets for 1999 have been exceeded.
Emile Sutcliffe, CEO of TECAN Group, stated: “The primary drivers behind these results were the breakthrough technologies introduced for the automation of DNA research, along with DNA-based new platforms for blood screening. There were increased sales in all markets, however a substantial rise in sales in North America fuelled much of the growth.”
Increasing demand to identify and sequence DNA, particularly in the USA, requires the acceleration of laboratory processes for research applications. TECAN strengthened its position in the Life Sciences market by engineering customized, flexible solutions. In the Clinical Diagnostics market where TECAN is the leader in laboratory automation, TECAN achieved growth through innovation and customization.
Nominees to the Board
As previously announced, changes are planned in the Board of Directors in order to realign it to reflect the current shareholding structure due to the withdrawal of PE Corporation (previously Perkin-Elmer Corporation) as a shareholder of TECAN AG. The Board has recently succeeded in completing candidate evaluations and is proposing Timothy B. Anderson (Baxter Corporation), Günter Bauer (CommCept AG) and Hans-Jörg Kummer (Schering-Plough) for election at an extraordinary general meeting called for 1 February 2000.
At the same time, Hans Bollmann (Chairman), Philippe C. Biedermann, Karl-Heinz Franzen and Tony L. White have announced their resignations from the Board of TECAN AG, as of the date of the extra-ordinary general meeting. In addition, the Board intends to propose Mike Baronian (Chief Executive Officer of the Central Laboratories in Berne until end of 1999) for election to the Board. Mike Baronian is the preferred candidate of the current Board to succeed Hans Bollmann as Chairman; however he will only be available as a candidate upon his release from his responsibilities concerning his last position. Board Member Armin Seiler has agreed to temporarily take over as Interim Chairman of the Board until the annual general meeting.
Planned Formation of Holding Structure
At the annual general meeting on 17 May 2000, the Board will propose adopting a holding structure in Switzerland and spinning-off operational activities into a newly-incorporated subsidiary.
TECAN 2000: The Total Solution Provider
In anticipation of the accelerating growth in the Life Sciences market and sectors of the Clinical Diagnostics market, the TECAN Group has realigned its global activities and will operate in four global Business Areas: Life Sciences, Clinical Diagnostics, OEM (Original Equipment Manufacturer) and Customer Service. This enables TECAN to enhance its time-to-market capabilities and to reinforce its expertise in providing total solutions for laboratory automation.