Hologic acquires selenium photoconductor supplier AEG Elektrofotografie
21 May 2006 Bedford Mass, USA. Diagnostic imaging supplier Hologic,
Inc. (NASDAQ:HOLX) has acquired German company AEG Elektrofotografie GmbH
and its group of related companies for a purchase price of
€21 million. AEG Elektrofotografie, a
privately held company headquartered in Warstein, Germany, is a leading
manufacturer of photoconductor materials, and is Hologic's sole supplier of
amorphous selenium photoconductor coatings employed in its Selenia
full-field digital mammography detectors. AEG Elektrofotografie also
develops, manufactures, and sells photoconductor materials for use in a
variety of electro photographic applications, including copying and
printing. AEG Elektrofotografie's estimated revenue in calendar year 2005
was €42.7 million. Hologic expects this
acquisition to be accretive to earnings. The purchase price consists of
€16,297,650 in cash and an additional
109,720 shares of Hologic Common Stock. The common stock is subject to
certain lockups based on achieving an EBITDA target or if the stock price
increases/decreases by a set amount. An earn-out of
€1.7 million will be payable in cash if
AEG Elektrofotografie calendar year 2006 EBITDA exceeds a pre-set amount.
With the acquisition of AEG Elektrofotografie, Hologic takes direct control
over a critical step in its detector manufacturing process. Hologic and AEG
Elektrofotografie had previously developed a close collaborative
relationship, including in manufacturing and research and development. The
combination of the companies should facilitate further manufacturing
efficiencies and accelerate research and development of new detector
products. "The agreement to acquire AEG Elektrofotografie is consistent
with the Company's long-term strategic plan," said Jack Cumming, Hologic
Chairman and Chief Executive Officer. "With our amorphous selenium detector
technology, we are well positioned to benefit from the transition of analog
to digital mammography. Bringing amorphous selenium technology in-house
should allow us to more efficiently manage our supply chain, improve
manufacturing margins and respond to the continued growth of Selenia and
future product development requirements." "We are pleased to ensure that
our long-standing tradition of providing innovative high quality products to
our customers will continue as a result of this business transaction," said
Manfred Wagner, Chairman of the Managing Board of AEG Elektrofotografie. "We
are confident that Hologic along with our talented team will work
collaboratively to build an even stronger platform for x-ray imaging
applications." To top
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