WALTHAM, Mass., Jan. 5 /PRNewswire-FirstCall/ -- Thermo Electron Corporation announced today that it has completed the acquisition of Jouan SA, a global supplier of equipment used by life science researchers in academic, pharmaceutical, biotech, and clinical markets to prepare and preserve laboratory samples. The acquisition was completed for 110.9 million euros (currently USD $137 million) in cash plus the assumption of approximately 7.1 million euros (USD $8.8 million) of consolidated net debt, subject to a post-closing balance sheet adjustment.
"With the addition of Jouan, we can provide our laboratory customers with a more comprehensive range of sample preparation products, supported by a global sales and service network," said Marijn E. Dekkers, president and chief executive officer of Thermo Electron. "We welcome the Jouan employees into our organization, and are excited about the new opportunities that will come from combining our complementary technologies and market strengths."
A world leader in high-tech instruments, Thermo Electron Corporation helps life science, laboratory, and industrial customers advance scientific knowledge, enable drug discovery, improve manufacturing processes, and protect people and the environment with instruments, scientific equipment, and integrated software solutions. Based in Waltham, Massachusetts, Thermo Electron has revenues of more than $2 billion, and employs approximately 10,000 people in 30 countries worldwide. For more information, visit http://www.thermo.com/.
The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward- looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth under the heading "Forward-Looking Statements" in the company's Quarterly Report on Form 10-Q for the fiscal quarter ended September 27, 2003. These include risks and uncertainties relating to: the need to develop new products and adapt to significant technological change, dependence on customers that operate in cyclical industries, general worldwide economic slowdown and related uncertainties, the effect of changes in governmental regulations, dependence on customers' capital spending policies and government funding policies, use and protection of intellectual property, retention of contingent liabilities from businesses we sold, integration and consolidation of instrument businesses, realization of potential future savings from new sourcing initiatives, implementation of new branding strategy, implementation of strategies for improving internal growth, the effect of exchange rate fluctuations on international operations, and potential impairment of goodwill. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
J. Timothy Corcoran
Thermo Electron Corporation