Billerica, MA, October 15, 2011 --(PR.com
)-- Bruker Corporation today announced the closing of its acquisition of Center for Tribology, Inc. (CETR) for $13 million in cash as an initial purchase price, with potential additional earn-out payments of up to $4 million in cash, depending on growth and profitability of the CETR-business within Bruker in 2012 and 2013. CETR, a privately held tribology and mechanical testing company headquartered in Campbell, CA, with 30 employees, has now become a part of the Bruker Nano Surfaces division, joining the current AFM (atomic force microscope) and SOM (stylus and optical metrology) businesses. Dr. Norm Gitis, the founder and CEO of CETR, has joined Bruker as Vice President and General Manager of the new Bruker Tribology & Mechanical Testing (TMT) business.
Frank Laukien, President and CEO of Bruker Corporation, stated: "We are very excited about the addition of CETR’s highly regarded tribology, mechanical testing and nano-indenting expertise and product lines. With these additional industry-leading systems, Bruker is continuing its commitment to provide the world’s most innovative selection of high-performance, applications-enabling instrumentation. We cordially welcome Dr. Gitis and our new colleagues."
“Our current customers are interested in materials structure and mechanical property relationships, and with nearly a 50% overlap between CETR’s customers and our own, we are delighted to add CETR technology to our common offering,” said Mark R. Munch, Ph.D., President of the Bruker Nano Surfaces division. “I am confident that the synergistic combination of CETR core competencies with our own AFM, optical and stylus instrumentation expertise will increase our market penetration while enabling our global customers to continually advance their research and products.”
CETR was founded in 1993 to offer testing and consulting services to high-tech companies. Within a year, CETR started developing and manufacturing its own test equipment, and now is a worldwide leader in nano-mechanical and tribological test instrumentation, serving both basic materials research and industrial manufacturing in a wide range of fields, including the biomedical, petroleum, microelectronics, energy, and automotive markets. CETR, a privately held corporation located in Silicon Valley in Campbell, CA, was projected to have calendar year 2011 revenue greater than $10 million and EBITDA greater than $2 million. For more information about CETR, please visit www.cetr.com.
About Bruker Corporation
Bruker Corporation (NASDAQ: BRKR) is a leading global manufacturer of scientific instruments that address the needs of a diverse array of research and production customers in materials, chemical analysis, life science and pharmaceutical, biotechnology and molecular diagnostics research. For more information about Bruker Corporation, please visit www.bruker.com.
Bruker Cautionary Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including, but not limited to, risks and uncertainties relating to adverse changes in conditions in the global economy and volatility in the capital markets, the integration of businesses we have acquired or may acquire in the future, changing technologies, product development and market acceptance of our products, the cost and pricing of our products, manufacturing, competition, dependence on collaborative partners and key suppliers, capital spending and government funding policies, changes in governmental regulations, realization of anticipated benefits from economic stimulus programs, intellectual property rights, litigation, and exposure to foreign currency fluctuations and other risk factors discussed from time to time in our filings with the Securities and Exchange Commission. These and other factors are identified and described in more detail in our filings with the SEC, including, without limitation, our annual report on Form 10-K for the year ended December 31, 2010, our most recent quarterly reports on Form 10-Q and our current reports on Form 8-K. We expressly disclaim any intent or obligation to update these forward-looking statements other than as required by law.
Source: Bruker Corporation
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