ROPER INDUSTRIES, INC. ANNOUNCES THE CLOSING OF THE ACQUISITION OF STRUERS HOLDINGS A/S
Bogart, Georgia, September 5, 2001 … Roper Industries, Inc. (NYSE: ROP) announced that it completed its previously announced stock acquisition of Struers Holdings A/S, Roper’s largest acquisition to date, for a purchase price of approximately DKK1,230 million (approximately $151 million) in combined cash and assumed debt. The purchase price represents approximately 7 times expected first-year EBITDA, and the transaction is expected to be immediately accretive.
Struers Holdings’ two operating businesses, Struers A/S (“Struers”) and Logitech Ltd. (“Logitech”), are based in Denmark and Scotland, respectively, with offices throughout Europe, North America and Japan. Struers, founded in 1875 with approximately $60 million of trailing twelve-month revenues, is a global leader in materialographic preparation equipment and consumables used in quality inspection, failure analysis and research of solid materials. Logitech, with trailing twelve-month revenues of $19 million, is a global leader in high-precision material shaping equipment used principally in the production of advanced materials for the semiconductor and opto-electronics markets.
“Struers and Logitech are excellent companies,” said Mr. Derrick N. Key, Chairman, President and CEO. “Each is a market leader which has earned a reputation for innovation and expertise and is well positioned to continue to benefit from the growing markets it serves. They have proprietary products with strong margins, which at Struers are complemented by significant consumables revenues. With customers balanced across many end markets and territories, these businesses have many opportunities for continued growth.”
The two companies will be reported in the Analytical Instrumentation Segment.
Source: Roper Technologies, Inc