Measurement Specialties Announces Acquisition of Atexis Extends Temperature Products Line in Europe and Asia
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HAMPTON, Va., Feb. 2, 2009 -- Measurement Specialties, Inc. (Nasdaq:MEAS), a global designer and manufacturer of sensors and sensor-based systems, announced the acquisition of Atexis SAS (www.atexis.fr). Located in Fontenay, France as well as Chengdu, China, Atexis is a leading designer/manufacturer of temperature sensors and probes with operating range from -200C to 2000C. MEAS acquired the outstanding capital stock of Atexis for approximately EUR4.75 million in cash, plus an additional EUR2 million if certain performance thresholds are achieved. The transaction closed January 30, 2009.
Frank Guidone, Company CEO commented, "We are very excited about the addition of Atexis to our temperature sensor product line. Atexis is a leader in custom probes and assemblies utilizing NTC, Pt and thermocouple technologies, servicing the building, appliance transportation and energy markets, among others. The addition not only extends our temperature technology portfolio, but also adds additional low cost infrastructure through their facility in Chengdu. On an annualized basis, we expect the transaction will add approximately EUR8 million in sales."
Added Pascal Hermandesse, Atexis CEO, "After 10 years of growth and expansion, it was necessary for Atexis to look for a strategic partner to help extend our line and expand our addressable market. With access to MEAS' global sales network and broad product portfolio, both within and beyond temperature sensors, we will be able to expand our customer relationships in ways we could not alone."
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.
About Atexis SAS.
Atexis SAS designs and manufacturers custom temperature sensors and probes, with operating ranges from -200C to 2000C. Atexis utilizes NTC, Pt and thermocouple technologies to provide its customers a broad range of temperature sensing solutions across most major end markets.
CONTACT: Measurement Specialties, Inc.
Mark Thomson, CFO
(757) 766-4224
