Eurofins announces the successful closing of the acquisition of TestAmerica
Wednesday, October 31, 2018
Eurofins Scientific (EUFI.PA), a global scientific leader in bioanalytical testing, announces the successful closing of the transaction to acquire TestAmerica from the JSTI Group (Shenzen Stock Exchange Stock Code 300284), a global provider of Environmental Consulting and Engineering solutions, as communicated on October 1st, 2018. TestAmerica will be consolidated in Eurofins’ accounts from November 1st 2018.
TestAmerica is the leading environmental testing laboratory group in the USA, delivering innovative technical expertise and analytical testing services to its clients for many years. TestAmerica operates an integrated network of 24 full service testing laboratories and 40 service centres throughout the USA. TestAmerica should generate revenues of over US$230 million in 2018 and employs over 2,000 staff. The acquisition price is US$175 million on a cash free debt free basis. As Eurofins and TestAmerica have a largely complementary geographic footprint and technical offering, restructuring of either business is expected to be minimal, the focus being on further enhancement of consolidated service offering to the market and scale economies with respect to rare tests, R&D, operational costs and operational optimization/harmonization/specialization of sites to improve efficiencies.
This acquisition significantly strengthens Eurofins’ environment testing offering in the USA, which is the largest environment testing market in the world. TestAmerica will expand the range of services offered to clients with over 45,000 accredited methods managed over a combined listing of 449 State or Federal accreditation programs/licenses (e.g., USDA, US Fish & Wildlife) as well as the technical expertise and capacity offered to clients thanks to its industry leading proprietary laboratory information management system. It will also enable Eurofins to access its large customer base, serving a high number of Fortune 500 companies.
Comment from Dr. Gilles Martin, Eurofins CEO: “We are extremely pleased to welcome TestAmerica and its talented teams to the Eurofins Group. We see it as a unique opportunity to acquire a high quality and complementary asset that will further strengthen Eurofins’ global offering in the competitive environmental testing market. This transaction represents another clear milestone for Eurofins towards its 2020 objectives to build an unprecedented global, one of a kind testing platform with world class infrastructure, science and IT solutions.”
For more information, please visit www.eurofins.com or contact:
Phone: +32 2 766 1620
Notes for the editor:
Eurofins – a global leader in bio-analysis
Eurofins Scientific through its subsidiaries (hereinafter sometimes “Eurofins” or “the Group”) believes it is a scientific leader in food, environment and pharmaceutical products testing and in agroscience CRO services. It is also one of the independent market leaders in certain testing and laboratory services for genomics, discovery pharmacology, forensics, CDMO, advanced material sciences and for supporting clinical studies. In addition, Eurofins is one of the emerging players in specialty clinical diagnostic testing in Europe and the USA. With over 40,000 staff in more than 650 laboratories across 45 countries, Eurofins offers a portfolio of over 150,000 analytical methods for evaluating the safety, identity, composition, authenticity, origin and purity of biological substances and products, as well as for innovative clinical diagnostic. The Group objective is to provide its customers with high-quality services, accurate results on time and expert advice by its highly qualified staff.
Eurofins is committed to pursuing its dynamic growth strategy by expanding both its technology portfolio and its geographic reach. Through R&D and acquisitions, the Group draws on the latest developments in the field of biotechnology and analytical chemistry to offer its clients unique analytical solutions and the most comprehensive range of testing methods.
As one of the most innovative and quality oriented international players in its industry, Eurofins is ideally positioned to support its clients’ increasingly stringent quality and safety standards and the expanding demands of regulatory authorities around the world.
The shares of Eurofins Scientific are listed on the Euronext Paris Stock Exchange (ISIN FR0000038259, Reuters EUFI.PA, Bloomberg ERF FP).
This press release contains forward-looking statements and estimates that involve risks and uncertainties. The forward-looking statements and estimates contained herein represent the judgment of Eurofins Scientific’s management as of the date of this release. These forward-looking statements are not guarantees for future performance, and the forward-looking events discussed in this release may not occur. Eurofins Scientific disclaims any intent or obligation to update any of these forward-looking statements and estimates. All statements and estimates are made based on the information available to the Company’s management as of the date of publication, but no guarantee can be made as to their validity.