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Aug 27th, 2024
Bioprocessing news: Sartorius has revealed plans to sell off its Industrial Technologies Division in a strategic move designed to free up more time and resources on bioprocessing and laboratory equipment.
In a statement, the international laboratory and process technology company confirmed its intent to broker a deal with its Intec Division to the Japanese Minebea Co. Ltd.
The transaction price, which will be fixed in early 2015, is to be configured as a multiple of the Intec division’s 2014 operating profit. The contractual parties have settled on a 7.5 multiple on the division’s 2014 operating EBITDA.
“By selling our Intec Division to Minebea, we are realizing an important cornerstone of our long-term strategy and focus on our two core activities in Bioprocess and Laboratory,” said Joachim Kreuzburg, CEO and chairman of the executive board of Sartorius.
He continued: “Over the past years we have successfully positioned our Intec business as a specialist for industrial weighing and control technologies and have reached healthy profitability levels. Under Minebea’s roof, this business will now gain the critical mass needed to further extend its footprint internationally, an important prerequisite for further growth.”
Mr Kreuzburg was “convinced” that Minebea is the “perfect new owner” for the business owing to the nature of their product portfolios, geographical footprint and “commitment to long-term strategies and premium products”.
The deal, which is subject to customary closing conditions, is expected to close in the first quarter of 2015.
