Measurement Specialties Announces Visyx Acquisition |
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Measurement Specialties, Inc.
1000 Lucas Way
Hampton, VA, 23666
USA
Press release date: November 20, 2007
HAMPTON, Va., Nov. 20 -- Measurement Specialties, Inc. (NASDAQ:MEAS), a global designer and manufacturer of sensors and sensor- based systems, announced today that it has acquired the assets of California- based Visyx Technologies (www.visyx.com). The terms of the transaction were not disclosed.
Based on a unique tuning fork technology originally developed by Symyx Technologies, Visyx has developed sensors that can measure fluid properties, including density, viscosity and dielectric constant. This technology will allow OEMs to incorporate fluid property measurement, such as oil condition, in their next generation equipment. Target markets include heavy truck/off road engines and transmissions, compressors/turbines and refrigeration/air conditioning.
Frank Guidone, Company CEO commented, "We are very excited about the addition of this technology to our portfolio. As off road/heavy truck operators and OEMs strive to extend the time between oil changes and manage field warranty claims, oil condition monitoring will become a critical parameter to measure. Visyx has developed the leading technology in this field, and we are very excited about the future potential for MEAS. We believe this application alone could represent over $20 million annually to MEAS by FY12."
Guidone continued "Visyx currently has prototype designs in test at several major engine, compressor and heavy truck manufacturers around the world. Our development efforts will be focused on finalizing the commercial design, positioning ourselves for volume production mid to late 2008. The transaction may have a modest dilutive effect to FY08 earnings, however at this time we are maintaining our full year guidance of $1.25, excluding the effect of the discrete tax event discussed last quarter."
About Measurement Specialties. Measurement Specialties, Inc. (MEAS) designs and manufactures sensors and sensor-based systems to measure precise ranges of physical characteristics such as pressure, temperature, position, force, vibration, humidity and photo optics. MEAS uses multiple advanced technologies - including piezoresistive, electro-optic, electro-magnetic, capacitive, application specific integrated circuits (ASICs), micro- electromechanical systems (MEMS), piezoelectric polymers and strain gauges - to engineer sensors that operate precisely and cost effectively.
Source: Measurement Specialties, Inc.
CONTACT: Mark Thomson, CFO of Measurement Specialties, +1-757-766-4224
Web site: http://www.meas-spec.com/ http://www.visyx.com/
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