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Bruker Will Pay $1.9M for PGT s X-ray Microanalysis Business; Shares Slide 6.42 Percent on News

NEW YORK, Oct. 27 (GenomeWeb News) - Bruker AXS said it will spend around $1.9 million to acquire Princeton Gamma-Tech Instruments' PGT X-ray microanalysis business, the firm said in an SEC filing today.

 

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 Berlin, generates between $6 million and $7 million in annual revenues.

 

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."

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