NZ Laboratory sold to another French owner, Eurofins
BUSINESSDESK: Eurofins Scientific, the French bio-analytical testing firm, has acquired New Zealand Laboratory Services from another French firm for an undisclosed amount.
NZ Labs was bought from Amdel Holdings, the Melbourne-based unit of France’s mining and minerals service company Bureau Veritas. Amdel flagged its intention to exit its New Zealand operations to "focus on its Australian activities", according to its 2011 annual report.
Eurofins has been looking to solidify a place in the New Zealand market in a bid to expand its presence in Asia Pacific.
"The entry into New Zealand is consistent with the group’s commitment in the rapidly-growing Asia Pacific region," chief executive Gilles Martin said.
“NZ Labs provides a strong regional platform for the group’s capabilities in dairy and pesticides testing."
The company employs about 100 workers and generates about 5 million euros in annual revenue. That will add to Eurofins' 160 laboratories which span 32 countries.
Eurofins shares are listed on France’s CAC 40 and last traded at 103.2 euros. The stock has gained 59% in the past year.