HAMPTON, Va., Feb. 2, 2009 (GLOBE NEWSWIRE) -- Measurement Specialties, Inc. (Nasdaq:MEAS), a global designer and manufacturer of sensors and sensor-based systems, announced the acquisition of Atexis SAS (www.atexis.fr). Located in Fontenay, France as well as Chengdu, China, Atexis is a leading designer/manufacturer of temperature sensors and probes with operating range from -200C to 2000C. MEAS acquired the outstanding capital stock of Atexis for approximately EUR 4.75 million in cash, plus an additional EUR 2 million if certain performance thresholds are achieved. The transaction closed January 30, 2009.
Frank Guidone, Company CEO commented, "We are very excited about the addition of Atexis to our temperature sensor product line. Atexis is a leader in custom probes and assemblies utilizing NTC, Pt and thermocouple technologies, servicing the building, appliance transportation and energy markets, among others. The addition not only extends our temperature technology portfolio, but also adds additional low cost infrastructure through their facility in Chengdu. On an annualized basis, we expect the transaction will add approximately EUR 8 million in sales."
Added Pascal Hermandesse, Atexis CEO, "After 10 years of growth and expansion, it was necessary for Atexis to look for a strategic partner to help extend our line and expand our addressable market. With access to MEAS' global sales network and broad product portfolio, both within and beyond temperature sensors, we will be able to expand our customer relationships in ways we could not alone."
About Measurement Specialties. Measurement Specialties, Inc. (MEAS) designs and manufactures sensors and sensor-based systems to measure precise ranges of physical characteristics such as pressure, temperature, position, force, vibration, humidity and photo optics. MEAS uses multiple advanced technologies -- including piezoresistive, electro-optic, electro-magnetic, capacitive, application specific integrated circuits (ASICs), micro-electromechanical systems (MEMS), piezoelectric polymers and strain gauges -- to engineer sensors that operate precisely and cost effectively.
About Atexis SAS.
Atexis SAS designs and manufacturers custom temperature sensors and probes, with operating ranges from -200C to 2000C. Atexis utilizes NTC, Pt and thermocouple technologies to provide its customers a broad range of temperature sensing solutions across most major end markets.
This release includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward looking statements may be identified by such words or phrases "should," "intends," " is subject to," "expects," "will," "continue," "anticipate," "estimated," "projected," "may," "we believe," "future prospects," or similar expressions. The forward-looking statements above involve a number of risks and uncertainties. Factors that might cause actual results to differ include, but are not limited to, success of any reorganization; ability to raise additional funds; conditions in the general economy and in the markets served by the Company; competitive factors, such as price pressures and the potential emergence of rival technologies; interruptions of suppliers' operations affecting availability of component materials at reasonable prices; timely development and market acceptance, and warranty performance of new products; success in integrating prior acquisitions; changes in product mix, costs and yields, fluctuations in foreign currency exchange rates; uncertainties related to doing business in Hong Kong and China; and the risk factors listed from time to time in the Company's SEC reports. The Company from time-to-time considers acquiring or disposing of business or product lines. Forward-looking statements do not include the impact of acquisitions or dispositions of assets, which could affect results in the near term. Actual results may differ materially. The Company assumes no obligation to update the information in this issue.