Bruker also said it initially will place $435,000 of that amount in escrow for 12 months until the company "satisfies [its] non-competition and non-solicitation" agreement.
Shares in Bruker AXS' parent, Bruker BioSciences, were down 6.42 percent, or $.28, at $4.08 in mid-afternoon trading on the news.
Bruker, which announced its plan to acquire the company yesterdayhttps://www.genomeweb.com/articles/view-article.asp?Article=2005102692140, did not disclose the financial terms. The company reiterated in the SEC filing that it expects it to close in the fourth quarter.
The PGT X-ray microanalysis business had annual revenues of between $5 million and $6 million, Bruker AXS said.
The acquisition marks the second X-ray microanalysis firm that the company plans to acquire before the end of the year. Earlier this month, Bruker AXS said it would acquire Roentec, a German X-ray microanalysis instrument company, for an undisclosed amount. Roentec, based in
After the transactions close, Bruker AXS plans to combine Roentec and the PGT microanalysis business into a new business called the Bruker AXS Microanalysis Group. This business will focus on the global X-ray microanalysis market, which the company said is worth around $150 million per year.
Roger Durst, executive vice president at Bruker AXS, said in a statement that both Roentec and PGT have "excellent technology" and a strong customer base, but "both companies also have been distribution-limited and at a size disadvantage relative to their larger competitors."