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Männedorf, Switzerland, October 28, 2015 - The Tecan Group (SIX Swiss Exchange: TECN) announced today that it has reached agreement with the majority shareholders of Sias to acquire Sias AG, a leading OEM supplier of a wide range of modular and complete laboratory automation solutions. Sias will become a part of Tecan's Partnering Business, leveraging Tecan's global sales infrastructure and after-sales support capabilities. The acquisition adds further scale to Tecan's leading OEM business, brings new corporate customers in the in-vitro diagnostics segment and a healthy funnel of new development projects. Sias' modular platforms and robotic components are ideally suited for low- to medium-throughput applications and thus expand the range of Tecan's existing automation solutions and components offering.
The transaction is valued at approximately one times expected fiscal year 2015 sales of Sias of around CHF 25 million. The purchase consideration will be fully paid in cash. The transaction is expected to be accretive to earnings per share (EPS) before transaction-related amortization in 2017. Closing of the transaction is subject to certain conditions, including the timely transfer of sufficient shares.
Tecan CEO Dr. David Martyr commented: "We are pleased to have reached this agreement and look forward to welcoming the Sias team into Tecan. Sias will add further scale to our leading Partnering Business and provides access to complementary automation platforms which are particularly well suited as the basis for small to mid-size OEM systems for diagnostic as well as research applications."
Dr. Achim von Leoprechting, Head of Tecan's Partnering Business added: "Sias' core expertise in automating immunoassays and molecular diagnostics workflows as well as their strong client base in China perfectly match with our corporate strategy. In addition, the close proximity of the two Swiss facilities allows synergies to be implemented."
Andre Guenter, CEO of Sias, said: "We have reached a mutually beneficial agreement. We bring a dedicated, highly trained team, innovative technologies and leading products, a strong pipeline of new development projects and dedicated business partners all over the world. Tecan's global presence will allow us to grow even faster than our current rate by leveraging local sales and service organizations. We will greatly benefit from the combined capabilities of the larger development organization. It is a good opportunity for the shareholders of Sias AG to realize their loyal investment."
A leading OEM supplier of specialized automation solutions
Sias AG is a leading OEM supplier of a wide range of modular and all-inclusive laboratory automation solutions. The company is one of the world's leading manufacturers in the liquid handling segment. Sias was founded in Hombrechtikon, Zurich, in the year 2000. Since 2011, Sias further strengthened its position as an innovative OEM supplier, including through the acquisition of Xiril AG in 2012. The company has around 80 employees and supplies customers in Europe, the USA and China. Sias' customers are primarily in the diagnostics and research sectors.
Additional information can be found on the Sias webpage:
Tecan (www.tecan.com) is a leading global provider of laboratory instruments and solutions in biopharmaceuticals, forensics and clinical diagnostics. The company specializes in the development, production and distribution of automated workflow solutions for laboratories in the life sciences sector. Its clients include pharmaceutical and biotechnology companies, university research departments, forensic and diagnostic laboratories. As an original equipment manufacturer (OEM), Tecan is also a leader in developing and manufacturing OEM instruments and components that are then distributed by partner companies. Founded in Switzerland in 1980, the company has manufacturing, research and development sites in both Europe and North America and maintains a sales and service network in 52 countries. In 2014, Tecan generated sales of CHF 400 million (USD 437 million; EUR 331 million). Registered shares of Tecan Group are traded on the SIX Swiss Exchange (TECN; ISIN CH0012100191).
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