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Oxford Instruments plc ("Oxford Instruments" or "the Group"), the high technology tools and systems company, today announces the acquisition of Technologies and Devices International, Inc. ("TDI" or "the Company"), a US based company which is a world leader in the development of Hydride Vapour Phase Epitaxy (HVPE) technology and processes. Using this technology, Oxford Instruments intends to produce tools that enable suppliers of High Brightness Light Emitting Diodes (HBLEDs) to cut manufacturing times by 25%, allowing a reduction in the production costs of these environmentally friendly devices.
Domestic and commercial lighting made from HBLEDs is currently about 10 times more efficient than tungsten bulbs and twice as efficient as Compact Fluorescent Lighting. Analysts predict that the market for HBLEDs will grow at a CAGR of 20% to 2012.
Oxford Instruments currently sells process tools to complete three of the nine steps needed to manufacture HBLEDs. This acquisition allows the Group to supply tools for a fourth step that has historically been the most time consuming and costly with a unique offering that will greatly enhance production efficiencies.
The consideration consists of an initial payment of US $1.0m cash, plus a cash earn-out, payable in July 2012 based on the sales of tools in the preceding financial year. The total consideration is capped at US $6.0m. TDI is currently owned by private individuals, predominately comprising members of the founder's family and employees. Oxford Instruments will assume the Company's debts at acquisition of US $2.2m.
For the year ended 30 June 2007, TDI made a loss before tax of US $0.8m. At 30 June 2007 gross assets were US $1.0m. It is estimated that losses will continue for the first year of the Group's ownership while process tools are developed but that the acquisition will be earnings enhancing in the second year.
Jonathan Flint, Chief Executive of Oxford Instruments plc, commented: "The acquisition of TDI is entirely consistent with the strategy put in place by the Oxford Instruments Board to acquire complementary technologies to support our objective to double the size of the Group over five years and improve EBIT margins by 10 percentage points. TDI is an excellent business with proprietary technologies in a market that is set to grow very significantly. We will be among the market leaders in this valuable and vital segment."
About Oxford Instruments plc
Oxford Instruments specialises in the design, manufacture and support of high-technology tools and systems for industry, research, education, space, energy, defence and healthcare.
We combine core technologies in areas such as low temperature and high magnetic field environments; X-ray, electron and optical based metrology; nuclear magnetic resonance, advanced growth, deposition and etching.
Our aim is to be the leading provider of tools and systems for the emerging nanotechnology and bioscience markets.
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Oxford Instruments plc; Tel: 01865 393 200
Jonathan Flint Chief Executive
Kevin Boyd Group Finance Director
Hogarth Partnership; Tel: 020 7357 9477
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