Thu, 28 Feb 2013 | BUSINESS SALE
Edinburgh Instruments (EI) has been sold to Techcomp, a Hong Kong-listed business, for £1.9 million.
The business is the first spin-out company from Heriot-Watt University and was founded in 1971. Professor Des Smith, the then head of the physics department, led the development of the business initially, but the firm has been headed by chief executive Alan Faichney for the past two and a half years.
Professor Smith is set to take up the position of chief scientific officer once the sale has gone through, while Mr Faichney will be replaced in due course.
EI manufactures lifetime fluorescence spectrometers, lasers and gas sensors that are used in scientific research, as well as industrial markets. It began its work as a pioneer of time correlated single photon counting, laser and gas sensing technologies and is based on the east coast of Scotland in Livingston.
Techcomp already owns a 66 per cent stake in EI, which it purchased from Japanese firm Hamamatsu Photonics, Scottish Enterprise and the founder Professor Smith. But this update will see the firm take majority holding of shares in the firm with immediate effect.
Chairman Dr Derek Shepherd commented on the acquisition: “Edinburgh Instruments has prospered under strong leadership, a motivated team of highly qualified employees and with investment from Scottish Enterprise and Hamamatsu Photonics KK in the early years.
“Our products provide research institutes world-wide with the most advanced photonic analytical capabilities available today. EI is now ready to start a new phase of development.”
He added that Techcomp has the “knowledge and global presence” within the top end of the analytical market to “help release the full potential of our technologies”.
Chris O'Connor, chief executive of the Techcomp Euro Group, added that the group is “delighted” to add EI to its portfolio and noted that the firm is looking forward to working with EI's “fantastic reputation for innovating and supporting leader edge research globally”.
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