PerkinElmer Inc., (NYSE: PKI), a global leader focused on improving the health and safety of people and the environment, announced that it has entered into a definitive agreement to acquire Perten Instruments Group AB. Based in Stockholm, Sweden, Perten is a leading global supplier of advanced analytical instruments for quality control of food, grain, flour and feed. The acquisition is expected to significantly expand PerkinElmer’s presence in the rapidly growing area of food testing.
“The combination of Perten’s unique capabilities with PerkinElmer’s portfolio of innovative analytical instruments will enable us to further penetrate the multi-billion dollar global food testing market, including longer-term opportunities in higher growth regions such as China,” said Jon DiVincenzo, president of environmental health at PerkinElmer. “PerkinElmer will now be firmly positioned to help customers address rigorous regulations for food quality control, import/export product testing, and the need to preserve the integrity of global supply chains.”
By adding Perten’s analysis platforms, along with its leading food quality calibration database, PerkinElmer will build upon its broad offerings for food safety and quality testing throughout the development and manufacturing processes. PerkinElmer’s comprehensive solution will include detection capabilities, materials characterization and deterrent tools for chemicals, toxins and nutrients, along with analytics and data management.
The net purchase price of the transaction is approximately $266 million and is subject to customary closing conditions. The transaction is currently anticipated to close in December 2014. With annual revenues of approximately $65 million, Perten is expected to have a minimal impact on PerkinElmer’s 2014 non-GAAP earnings per share results. The Company currently expects the transaction to be approximately $0.04 accretive to its 2015 non-GAAP EPS results, however the Company will formally communicate its 2015 financial guidance in January 2015.