Tom Oland, President and CEO of Techne, said "Tocris has a business model which mirrors that of R&D Systems with comparable financial metrics. Its strong market position has been earned through the development of a well-respected brand, a diverse and high-quality product line, an innovative product development pipeline and excellent service. The acquisition will enhance and supplement the depth and breadth of R&D Systems' product offering and will augment our ability to serve research scientists, as well as leverage our marketing, sales and distribution capabilities with this important product class."
Tocris Chief Executive Officer, Laurence Ede, added "Strategically, the fit is excellent, as both Tocris and R&D Systems have many customers in common and yet our product ranges are entirely complementary. Consequently, the combined business will represent far more of a one-stop-shop for life scientists and be ideally placed to compete in the global market. In addition, there are many similarities of culture between the two companies, not least a commitment in both cases to providing novel products and services of the highest quality."
Mr. Ede and the management team and employees of Tocris will continue its product development, marketing and sales activities from Bristol, U.K. They will also coordinate with R&D Systems and its related European and Chinese entities to expanded product distribution into the world-wide market.
The investment banking advisors to Tocris were Momentum Corporate Finance LLP.
This press release contains forward-looking statements within the meaning of the Private Litigation Reform Act. Such statements, including those relating to (
|SOURCE Techne Corporation|
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