IDEXX Laboratories Acquires Leading European Veterinary Reference Laboratory
IDEXX Laboratories, Inc. (NASDAQ: IDXX), announced that it has completed the purchase of Vet Med Lab, the leading provider of veterinary reference laboratory services in the European market, for approximately $31 million in cash. Headquartered in Germany, Vet Med Lab has locations in nine countries from which it serves customers throughout Europe. Vet Med Lab will be operated as part of IDEXX’s worldwide reference laboratory network.
IDEXX estimates that Vet Med Lab will have 2004 revenues of approximately $25 million. IDEXX expects the acquisition to be earnings neutral for the fourth quarter of 2004 and for the full year 2005, after the impact of certain integration costs.
According to Jonathan Ayers, Chairman and CEO of IDEXX Laboratories, Inc., “The acquisition of Vet Med Lab strengthens IDEXX’s position as the leading worldwide provider of comprehensive diagnostic solutions to veterinarians. This acquisition enables IDEXX to provide continental European veterinarians with the same combination of in-clinic diagnostic products and laboratory services that IDEXX already provides veterinarians in the United Kingdom, Australia, Japan and the United States.”
About IDEXX Laboratories
IDEXX Laboratories, Inc. is a worldwide leader in the development and commercialization of innovative, technology-based products and services for veterinary, food and water applications. The Company’s largest business is focused on companion animal health, combining biotechnology, medical device technology and information technology to aid veterinarians in providing better medicine while building successful practices. IDEXX Laboratories’ food and water businesses are focused on employing innovative technologies to monitor production animal health and the safety and quality of drinking water and milk. Headquartered in Westbrook, Maine, IDEXX Laboratories employs more than 2,600 people and offers products to customers in over 100 countries. www.idexx.com
