Oxford Instruments has acquired WITec for a cash-free, debt-free consideration of €42 m, of which €5 m is conditional on trading performance over a period of 12 months following completion. Completion is subject to regulatory approval of the transaction by the Federal Ministry for Economic Affairs and Energy (BMWi) in Germany. These conditions are expected to be satisfied during the second quarter of the Group’s financial year.
The acquisition is in line with Oxford Instruments’ strategy of supporting customers in attractive end markets, enhancing its portfolio of solutions for a range of applications including semiconductors, life science and advanced materials. It will enable WITec GmbH to build on its success to date, benefitting from the global reach of Oxford Instruments, alongside its complementary technology and application knowledge.
Dr Ian Barkshire, Chief Executive, Oxford Instruments said, “We are delighted to welcome WITec colleagues to Oxford Instruments. WITec’s leading Raman microscopy solutions are a great complement to our existing products and techniques. Raman microscopy is an important and widely used technique across academic and commercial customers for fundamental research, applied R&D and quality assurance/quality control. The technique is used in conjunction and alongside our existing characterisation solutions and broadens the capabilities that we can bring to existing customers whilst expanding opportunities into new market areas. Providing a broader range of solutions helps us support our customers in facilitating a greener economy, increased connectivity, improved health and achieve leaps in scientific understanding.”
Dr Joachim Koenen and Dr Olaf Hollricher, WITec’s founders and managing directors said: “We look back on a 24-year track record of making WITec a prosperous and innovative Raman imaging company. Now that we are joining the Oxford Instruments Group, we look forward to continuing this success together with a strong partner to grow even faster and to use the existing synergies to further expand our reach into the range of markets that will benefit from our wide product portfolio.”
“WITec developed ground-breaking solutions in confocal Raman microscopy and correlative Raman microscopy. Oxford Instruments’ key technologies in AFM and scientific spectroscopic cameras with the brands Asylum and Andor puts WITec in an even better position for future developments,” Hollricher added.
Ian Wilcock, Managing Director of Oxford Instruments Nanoanalysis and Magnetic Resonance added, “We look forward to working with our new colleagues at WITec to develop new routes to market for their products. WITec’s RISE Raman for SEM product, for example, will ideally complement our own extensive suite of analysers for electron microscopes.”
WITec will, of course, fulfil its obligations toward existing customers and business partners in the usual manner and the management team will work to make the transition as smooth as possible.