NEW YORK (GenomeWeb) – In its 10-K for the fiscal year ended December 31, 2015, Waters said it acquired in November 2015 all of the outstanding stock of MPE Orbur Group Limited and its sole operating subsidiary, Midland Precision Equipment Company, for $12 million net of cash acquired.
Formerly based in Nottingham, UK, Midland was a manufacturer of components for Waters' mass spectrometry instruments. The company said that it acquired Midland to lower future manufacturing costs and to reduce risks to its supply chain.
In the filing, Waters said it had allocated less than $1 million of the purchase price to an intangible asset comprised of a customer relationship, which will be amortized over two years. The remaining purchase price of $6 million was accounted for as goodwill, which is not deductible for tax purposes.