WESTBROOK, Maine, Jan. 19 /PRNewswire-FirstCall/ -- IDEXX Laboratories, Inc. , today announced a plan to expand its facilities in Westbrook, Maine, where the Company has been headquartered since 1991. The plan would include the acquisition and renovation of the building in which the Company’s headquarters is located. The Company currently leases 350,000 square feet in this building and would acquire the remaining 130,000 square feet that was previously occupied by another tenant. IDEXX also owns an undeveloped 12- acre parcel adjacent to its headquarters building that could be the site of future expansion.
IDEXX has entered into an agreement to acquire its headquarters building for approximately $18 million. The Company expects the acquisition to be completed by May 2006. However, acquisition of the building is subject to customary conditions to closing, including the satisfactory completion of IDEXX’s due diligence investigation of the property. The acquisition is also subject to IDEXX’s receipt of certain economic incentives from the City of Westbrook and the State of Maine for which the Company has applied.
“The plan we have announced today is critical to IDEXX’s long-term success,” said Jonathan Ayers, President and CEO. “Our existing space cannot accommodate our anticipated growth, but the planned expansion will allow us to achieve our growth objectives on financial terms that we believe will be very attractive to our shareholders. In addition, we are very happy to be partnering with the City of Westbrook and the State of Maine to ensure that IDEXX will remain a Maine-based company for the foreseeable future.”
About IDEXX Laboratories
IDEXX Laboratories, Inc. is a leader in companion animal health, serving practicing veterinarians around the world with innovative, technology-based offerings, including a broad range of diagnostic products and services, practice-management systems and therapeutics. Our products enhance the ability of veterinarians to provide advanced medical care and to build more economically successful practices. IDEXX is also a worldwide leader in providing diagnostic tests and information for the production animal industry and tests for the quality and safety of water and milk. Headquartered in Westbrook, Maine, IDEXX Laboratories employs more than 3,000 people and offers products to customers in over 100 countries.
Note Regarding Forward-Looking Statements
This press release contains statements about the Company’s business prospects and estimates of the Company’s financial results for future periods that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations of future events as of the date of this press release, and the Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments. Actual results could differ materially from management’s expectations. Factors that could cause or contribute to such differences include the following: the Company’s ability to develop, manufacture, introduce and market new products and enhancements to existing products; the effectiveness of the Company’s sales and marketing activities; the Company’s ability to develop, license or obtain rights to new technologies; the Company’s ability to identify acquisition opportunities, complete acquisitions and integrate acquired businesses; the impact of competition and technological change on the markets for the Company’s products; the effect of government regulation on the Company’s business, including government decisions about whether and when to approve the Company’s products and decisions regarding labeling, manufacturing and marketing products; the impact of distributor purchasing decisions on sales of our products that are sold through distribution; changes or trends in veterinary medicine that affect the rate of use of the Company’s products and services by veterinarians; the Company’s ability to obtain patent and other intellectual property protection for its products, successfully enforce its intellectual property rights and defend itself against third party claims against the Company; disruptions, shortages or pricing changes that affect the Company’s purchases of products and materials from third parties, including from sole source suppliers; the effects of government regulatory decisions, customer demand, pricing and other factors on the realizability of the Company’s inventories; the Company’s ability to manufacture complex biologic products; the effects of operations outside the U.S., including from currency fluctuations, different regulatory, political and economic conditions, and different market conditions; and the loss of key employees. A further description of these and other factors can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2004 and the Quarterly Report on Form 10-Q for the quarter ended September 30, 2005, in the section captioned “Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Contact:
Merilee Raines, Chief Financial Officer, (207) 856-8155
Photo: http://www.newscom.com/cgi-bin/prnh/20030305/IDEXXLOGOAP Archive: http://photoarchive.ap.orgPRN Photo Desk photodesk@prnewswire.comIDEXX Laboratories, Inc.
CONTACT: Merilee Raines, Chief Financial Officer of IDEXX Laboratories,Inc., +1-207-856-8155
Web site: http://www.idexx.com/
