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Bruker Completes $37.5M Acquisition of Three Varian Product Lines from Agilent

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This story originally ran on May 19.

Bruker said today that it has completed the acquisition of Varian's gas chromatography triple-quadrupole mass spectrometry, inductively coupled plasma mass spectrometry, and laboratory gas chromatography product lines from Agilent.

Agilent was required to divest the three product lines in order to receive European Commission approval for its $1.5 billion acquisition of Varian, which it closed last Friday [see related story, this issue].

The Varian lines will be added to Bruker's Chemical Analysis Division, a new division that the company announced last month that is contained within the Bruker Daltonics mass spectrometry business. In a statement, Frank Laukien, president and CEO of Bruker, said that the three new Varian product lines would "form the core offerings" of the new CAD.

Bruker has retained over 250 former Varian staff and will continue to operate facilities associated with the new product lines in Preston, Victoria, in Australia; Middleburg, The Netherlands; and Fremont, Calif.

In addition to the purchase price of $37.5 million, Bruker expects to incur $3 million to $5 million in one-time acquisition, relocation, and transition expenses related to the Varian acquisition. Not including those expenses, Bruker expects a CAD operating loss of $1.5 million to $2.5 million for the second quarter of 2010.

The company said it hoped in the next several years to grow the three acquired lines to annual revenues of $80 million to $100 million with operating margins of greater than 10 percent.

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