X-Tek Group acquired by Metris
Metris signed the purchase agreement last month, which is subject to due diligence and certain closing conditions and provides for a maximum closing consideration of £10 million. This year X-Tek celebrates its 22nd year as a supplier of X-ray and Computer Tomography inspection equipment for quality control, research and failure analysis. Based in Tring, Hertfordshire, the company employs over 75 people and has installed and maintained more than 1300 systems worldwide. With additional offices in Boston, California, and more recently Malaysia and Shanghai, X-Tek operates on a global scale in a wide range of industries including electronics, automotive and aerospace. Metris designs, develops and markets a range of 3D hardware and software inspection systems servicing design and manufacturing industries. Metris provides CMM based laser inspection, with laser scanners offering full surface and feature measurement. Metris' acquisition of X-Tek will see the latter's Computer Tomography capabilities expanded into various applications within the metrology industry.
Speaking on the acquisition, Bart Van Coppenolle, President and CEO of Metris commented:
"Having delivered on our medium and large scale metrology strategy - including technology, customer base and market channels - we now judged the time right to extend the Metris scope to the small scale segment of the micro metrology market. In addition to the mechanical technology we have in portfolio since the LK and Coord3 acquisitions, we now add a very strategic technology: Industrial CT scanning."
X-Tek has an extensive R&D capability and the company will continue to be innovative in the equipment and solutions it provides, as the deal includes a maximum contingent consideration of £2 million that is dependent on future achievement of specific R&D targets.
Roger Hadland, CEO of X-Tek remarked, "With Metris' acquisition of X-Tek, we safeguard our commitment to innovate and develop new X-ray technology to provide the best solutions for the industry."
