Leuven, Belgium - Metris has signed a share purchase agreement with the shareholders of X-Tek Group for the purchase of 100% of the X-Tek stock. The X-Tek purchase fits in the Metris acquisition strategy to strengthen its product portfolio with upcoming technologies and to expand its market share.
The purchase agreement is subject to due diligence and certain closing conditions and provides for a maximum closing consideration of £10 million in cash and a maximum contingent consideration of £2 million that is dependent on future achievement of specific R&D targets. During 12 months ending June 2007, X-Tek realized revenues totaling £7 million.
Founded in 1986, X-Tek is a British manufacturer of X-ray and Computer Tomography inspection systems with headquarters in Herts, UK. X-Tek employs about 75 people, and has an installed base of over 1300 systems in a wide range of industries, including electronics, automotive and aerospace.
“After having delivered on our medium and large scale metrology strategy - including technology, customer base and market channels - we now judged the time right to extend the Metris scope to the small scale segment of the micro metrology market.” comments Bart Van Coppenolle, president and CEO of Metris, “In addition to the mechanical technology we have in portfolio since the LK and Coord3 acquisitions, we now add a very strategic technology: Industrial CT scanning.”
Roger Hadland, CEO of X-Tek adds, “With Metris’ acquisition of X-Tek, we safeguard our commitment to innovate and develop new X-ray technology to provide the best solutions for the industry.”
Metris’ acquisition of X-Tek combines a technology acquisition with a customer base acquisition. With this strategic acquisition, Metris further supports its commitment to existing automotive and aerospace customers with applications such as engine and turbine blade inspection, and welcomes new customers with applications such as 3D inspection of printed circuit boards and whole part inspection of consumer electronics housings and other small industrial components.