Thermo Electron buys CRS Robotics
Burlington, Ontario - CRS Robotics Corp. announced Mar. 11 that Thermo Electron Corp. (Waltham, Mass.) plans to buy all its issued and outstanding shares for $5.75 each for a total cash transaction of approximately $67 million, which will be funded from Thermo Electron's existing cash holdings.
Burlington, Ontario – CRS Robotics Corp. announced Mar. 11 that Thermo Electron Corp. (Waltham, Mass.) plans to buy all its issued and outstanding shares for $5.75 each for a total cash transaction of approximately $67 million, which will be funded from Thermo Electron’s existing cash holdings.
‘This is truly an outstanding opportunity for our company. Thermo is a world-class organization in the life sciences business, and our software and mover technologies fit perfectly within their product portfolio,” says Ralph Steedman, CRS’ president and ceo. “I am excited about the future and the opportunity to bring to our existing and potential customers a broader product offering. Thermo will provide CRS with the financial resources and sales and marketing reach to become a leader in laboratory automation for drug discovery.”
Richard Syron, Thermo’s chairman and ceo, adds that, “CRS is truly a key addition to our Life and Laboratory Sciences sector, and is representative of the type of strategic acquisition that Thermo will be making in the future. CRS’ innovative automation products complement our existing offerings for the drug discovery market, and will enable us to provide complete integrated solutions to our customers.”
Thermo Electron plans to mail tender offer documents outlining all the terms and conditions to shareholders of CRS on or before Mar. 21, 2002. The offer will expire 36 days thereafter, unless extended by Thermo. Completion of the transaction is expected in late April 2002.
Control Engineering Daily News DeskJim Montague, news editor email@example.com