France’s Eurofins spends $11m on NZ Laboratory in 2012 acquisition
The New Zealand unit paid a $5.5m dividend to its immediate parent in Australia.
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Eurofins Scientific, the French bio-analytical testing firm, spent $11 million on New Zealand Laboratory Services when it bought the local operation from another French firm last year.
Amdel Holdings (New Zealand), the Melbourne-based unit of France's mining and minerals service company Bureau Veritas, sold the local lab services unit on June 1 last year for $9.2 million, and a further $1.8 million for its land and buildings, according to its 2012 financial statements lodged with the Companies Office.
The sale reaped a gain of $1.8 million for the New Zealand unit, which contributed most of the $2.1 million net profit in calendar 2012.
The unit paid a $5.5 million dividend to its immediate parent in Australia.
Amdel had previously flagged its intention to exit its New Zealand operations to "focus on its Australian activities" in its 2011 annual report.
At the time of the acquisition, Eurofins said it had been looking to cement a place in the New Zealand market as it built its presence in Asia Pacific.
NZ Labs generated some $14.4 million in revenue for Amdel in 2011 and was estimated to add some 5 million euros in annual sales to Eurofins.
Paris-listed Eurofins has more than 180 laboratories across 35 countries. The stock last traded at 148.55 euro.
(BusinessDesk)
Paul McBeth
Wed, 11 Jul 2018
Wed, 11 Jul 2018
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France’s Eurofins spends $11m on NZ Laboratory in 2012 acquisition
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