Biolin Scientific has agreed to acquire the analytical instruments provider Farfield Group. The acquisition of Farfield complements Biolin Scientific's product portfolio and provides new application opportunities in bioscience. The main motivation for the acquisition is to substantially increase sales and profitability of Farfield products, by combining it with Biolin Scientific resources in international sales and distribution.
Biolin Scientific AB (publ) ("Biolin Scientific") of Sweden has agreed to acquire all outstanding shares in Farfield Group Ltd ("Farfield") of England. The acquisition transaction is scheduled to be completed on April 1, 2010, from which date Farfield will be consolidated in the Biolin Scientific group.
Comments
Dr Gerry Ronan, CEO of Farfield also commented "Over the past ten years, Farfield's technology has become recognized as an invaluable research tool for biophysics with an installed base in 19 countries. We believe there is significant further potential still to be explored particularly in the fields of protein research and are delighted to become a product company within the Biolin Scientific group. This will allow us to focus on the long term development of our technology and applications".
"Farfield has a competent organization with good products based on a unique technology which is a logical complement to our product portfolio. We think that Farfield products should be of value and interest to a significant proportion of our existing customer base and also provides us with strategically important application opportunities in the field of biochemical research. We expect to be able to increase sales of Farfield products substantially, integrating it with our own international sales and distribution organization." says Fredrik Lindgren, CEO of Biolin Scientific.
Farfield's management and employees will continue their employment after the acquisition to form a separate product organization within the Biolin Scientific group operating under the Farfield brand. In the short-term, Biolin Scientific sales organisation will take over sales and distribution of Farfield products in the US, UK and Nordic markets. During 2010, Biolin Scientific will also secure the distribution of Farfield products in a number of international markets where Farfield is currently not represented and in all other markets, Biolin Scientific will continue the co-operation with Farfield's current distribution partners.