Acquisition
14 Junho 2004 - 5:00AM
UK Regulatory
RNS Number:7122Z
Biotrace International PLC
14 June 2004
For Immediate Release: Monday, 14th June 2004
BIOTRACE INTERNATIONAL PLC
Acquisition of Leading Food Diagnostics Company
Biotrace International Plc ("Biotrace", "the Company" or "the Group"), a leading
manufacturer and supplier of industrial microbiology products, today announces
the acquisition of Tecra Holdings Pty Limited ("the Acquisition").
Acquisition
Tecra Holdings Pty Limited ("Tecra") is based in Sydney, Australia and develops,
manufactures and markets a range of test kits based on patented technology for
rapid detection of food pathogens, such as Salmonella and Listeria. Established
in 1987, it is a major international force in food diagnostics with strong brand
identity and track record of sustained growth in turnover and profits.
Key Points
The Acquisition:
* is profitable and cash generative;
* will be earnings enhancing for the Group;
* is a consumable based business;
* has patented technology;
* has strong brand/platform for product expansion; and
* will accelerate direct customer access for the Group in Asia-Pacific
and provide a manufacturing base.
Tecra's products are sold and supported in over 40 countries, either directly
through Tecra's own sales organisation, or via a network of worldwide
distributors. Tecra has sales and support staff directly serving customers in
Australia, New Zealand, the UK, France, Hong Kong and the USA.
Tecra is well known to Biotrace. International BioProducts Inc. ("IBP"),
acquired by the Group in September 2003, has held an investment in Tecra since
2000 and has been the exclusive distributor of Tecra products in North America
since 1992. From 2000, IBP, and latterly Biotrace, has been represented on the
board of Tecra.
Biotrace has today acquired all the remaining shares in Tecra for a cash
consideration of Aus$13.7 million (#5.3 million) payable out of existing
resources. In the year ended 31 December 2003, Tecra reported an audited profit
before tax of Aus$1.1 million (#0.4 million) and generated cash from operations
of Aus$1.4 million (#0.5 million). As at 31 December 2003, it had net assets of
Aus$6.7 million (#2.6 million).
Following an initial period of integration and rationalisation of the enlarged
Group's distribution channels, it is anticipated that the acquisition will be
earnings neutral for the Group for the remainder of 2004 and earnings enhancing
thereafter. Dr Philip Myers, who has run TECRA since its formation in 1987 will
continue as Managing Director.
Ian Johnson, CEO of Biotrace commented:
"The Tecra brand is well regarded worldwide and is extremely complementary to
the Group's existing brands, enhancing our product portfolio and relationships
with key customers. Like Biotrace, approximately 90 per cent. of Tecra's
turnover is generated from consumable products, which will provide excellent
visibility on future earnings. The patented technology and platform will provide
opportunities to expand the range of rapid tests, not only for pathogens but
also for additional food diagnostic tests, such as allergens and antibiotic
residues. I look forward to working with Philip and his team to continue the
tradition of innovation and build on the success Tecra has enjoyed to date.
With this latest acquisition, Biotrace has made a further important step towards
realising its goal of becoming a leading manufacturer and supplier of
microbiology products to the industrial market. We now have significant sales
and manufacturing centres in Europe, in the US and now in Asia Pacific, which
together provides the Group with a highly competitive position with which to
access and serve key global customers".
- ENDS -
For further information, please contact:
Biotrace International
Ian Johnson, Chief Executive Officer Tel : +44 (0)1656 641 400
Peter Morgan, Finance Director
Buchanan Communications
Tim Anderson/James Strong Tel: +44 (0)20 7466 5000
Notes to editors:
Biotrace International Plc is a leading manufacturer and supplier of industrial
microbiology and life science products. Biotrace is the acknowledged leader in
rapid hygiene testing and the continuous real-time detection of airborne
biological weapons.
Many of the world's leading food manufacturers and catering companies, including
19 out of the top 20 world food groups now rely on Biotrace as an essential part
of their quality procedures. Industrial customers include many of the world's
largest water treatment chemical multi-nationals. Biotrace also supplies highly
specialised workstations to hospitals, public health laboratories and medical
research institutes for the examination of micro-organisms and diseases. A small
part of the Company's business is the manufacture and supply of equipment and
reagents for the detection of biological weapons, which it supplies to the UK
MoD, other foreign governments and large defence contractors.
Formed in 1988 and floated on the London Stock Exchange in 1993, Biotrace has
broadened its business base through organic growth and acquisition of products
and distribution channels to become a 'one stop shop' for its large and growing
international customer base.
Tecra is a world leader in the development, manufacture and marketing of rapid
test kits for use by the food, health care and cosmetics industries. Tecra's
corporate headquarters, R&D laboratories and manufacturing facilities are in
Sydney, Australia
Since the launch of its first Salmonella kit in 1987, Tecra's innovative
products have been progressively adopted for routine testing by food and
industrial testing laboratories around the world. Rapid test kits for some of
the major causes of food poisoning such as Salmonella, Listeria, E.coli 0157,
Staphylococcus aureus and Staphylococcal enterotoxins are among the many
products that Tecra manufactures, but more recently-launched test kits such as
those for Campylobacter and Psuedomonas are attracting attention by setting new
standards of speed, performance and convenience.
Tecra is also well known as the developer of IMMUNOENRICHMENT technology, for
which it holds world-wide patent rights. This technology, which enables
pathogens such as listeria and salmonella to be detected much faster than most
other methods, is used in products such as UNIQUE and IMMUNOCAPTURE.
Tecra places great emphasis on product quality and customer service and was one
of the first diagnostics manufacturers to achieve ISO 9002 certification of its
Quality Management System.
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQIIFEDRTISLIS
Bank Irel13.375 (LSE:BOI)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Bank Irel13.375 (LSE:BOI)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024
