CARLSBAD, Calif., June 13, 2013 /PRNewswire/ -- Life Technologies Corporation (NASDAQ: LIFE) today announced the acquisition of Life Science Korea (LSK), a leading instrument distributor based in Seoul, South Korea. LSK has been Life Technologies' primary instrument distributor since 1994 and holds distribution rights to Applied Biosystems® products, including next-generation sequencing instruments, Sanger sequencing systems, forensics and PCR products.
"The acquisition of LSK is in line with our go-direct strategy in South Korea and builds on our current capabilities and platforms in this important market," said Mark Smedley, president of Life Technologies, Asia Pacific Japan region. "The combination of Life Technologies Korea and LSK – bolstered by our recent acquisition of consumables distributor KDR – enables us to offer one channel to serve the many different needs of our South Korean customers and to create a superior purchasing experience."
In addition to driving a superior customer experience, the combination of LSK and Life Technologies will help continue to build a strong Life Technologies brand in Korea to stimulate fast and sustainable growth and be well positioned to take advantage of Korea's focus on developing biotechnology. In the past five years, South Korea has shown solid growth in the biotechnology industry and with the Korean government's Bio-vision 2016 initiative, it's expected the country will continue to heavily invest in the life sciences industry.
LSK serves more than 1,000 customers in academia, government, pharmaceutical, biotech, hospitals and applied markets. Under the acquisition terms, the LSK name will become part of Life Technologies Korea. No other terms of the deal were announced.
About Life Technologies
Life Technologies Corporation (NASDAQ: LIFE) is a global biotechnology company that is committed to providing the most innovative products and services to leading customers in the fields of scientific research, genetic analysis and applied sciences. With a presence in more than 180 countries, the company's portfolio of 50,000 end-to-end solutions is secured by more than 5,000 patents and licenses that span the entire biological spectrum -- scientific exploration, molecular diagnostics, 21st century forensics, regenerative medicine and agricultural research. Life Technologies has approximately 10,000 employees and had sales of $3.8 billion in 2012.
Life Technologies' Safe Harbor Statement
This press release includes forward-looking statements about our anticipated results that involve risks and uncertainties. Some of the information contained in this press release, including, but not limited to, statements as to industry trends and Life Technologies' plans, objectives, expectations and strategy for its business, contains forward-looking statements that are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Any statements that are not statements of historical fact are forward-looking statements. When used, the words "believe," "plan," "intend," "anticipate," "target," "estimate," "expect" and the like, and/or future tense or conditional constructions ("will," "may," "could," "should," etc.), or similar expressions, identify certain of these forward-looking statements. Important factors which could cause actual results to differ materially from those in the forward-looking statements are detailed in filings made by Life Technologies with the Securities and Exchange Commission. Life Technologies undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.
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