MOCON expands into Europe
Germany's Paul Lippke Handels, which markets process and laboratory
test systems to companies in the pharmaceutical, food and packaging
industries.
The German firm, a subsidiary of Finland's Ahlström Capital, had net sales in 2002 of 4.9 million euros. It has been the primary distributor of MOCON products in Europe for approximately 30 years.
Lippke, with 15 employees, also serves in the capacity of distributor or agent for several companies in addition to MOCON. This acquisition is in line with MOCON's previously announced commitment to long-term growth through a combination of investment in its existing businesses and through strategic acquisitions.
Earlier this month, MOCON bought Advantek's vacuum-insulated panels (VIP) business, used in the packaging of pharmaceuticals and other biological samples.
Commenting on the transaction, Robert Demorest, president and CEO of MOCON, said: "The Lippke acquisition provides MOCON with a direct presence in Europe, which we plan to leverage to benefit all of MOCON's product and service offerings."
The transaction, subject to closing in the first quarter of 2004, will be effective January 1, 2004. Terms were not disclosed.
