Mikron Infrared acquired by Lumasense Technologies
Oakland, NJ -- Mikron Infrared Inc. has signed a definitive agreement with LumaSense Technologies Inc. to merge Red...
Oakland, NJ — Mikron Infrared Inc. has signed a definitive agreement with LumaSense Technologies Inc. to merge Red Acquisition Corp., a wholly owned subsidiary of LumaSense, with and into the Company.
Under the terms of the merger agreement, the holders of Mikron common stock will receive US$11.50 per share in cash for their shares, which represents a 17.6% premium above the February 8, 2007, closing price. The transaction is valued at approximately US$65 million.
Commenting on the announcement, Gerald D. Posner, chief executive officer of Mikron, stated, I am extremely pleased that Mikron is becoming part of LumaSense, which is building a world-class sensor company, from both a shareholder and employee perspective. The all-cash offer at a 17.6% premium to market represents a full value for the company based on revenue and profit performance.
“As for our employees, Mikron will gain significant strategic advantages by having access to the technology and distribution channels of the other LumaSense portfolio companies. LumaSenses mission of providing the best sensor technologies to industry is consistent with Mikrons goal of excellence in non-contact temperature measurement and thermal imaging.
Mikron is an exceptional company with very talented people and unique solutions that will significantly strengthen our position in sensor instrumentation for the industrial, medical and energy markets, said Vivek Joshi, CEO of LumaSense Technologies.
Mikron provides significant opportunities for synergies in research and development, manufacturing, and marketing and sales. We are excited about what this means for our current and future customers as we continue to complement and enhance our offerings through strategic acquisitions and organic growth.
LumaSense Technologies is a global provider of sensor instrumentation to the industrial, medical and energy markets. LumaSense is an operating company with a strategy to acquire other leading sensor instrumentation companies serving similar customers with complementary technologies and products. LumaSenses first two acquisitions are industry pioneers with hundreds of global customers: Luxtron Corporation – fiber optic temperature measurement sensors and Innova AirTech Instruments – trace gas monitoring and analysis.
Mikron Infrared, Inc., founded in 1969, is a global provider of advanced non-contact temperature measurement products based on infrared technology. It offers a line of infrared temperature measurement instruments, thermal imaging systems, radiometers, spectrometers, and blackbody sources for the calibration of infrared thermometers. These products are used in industries such as steel, glass, semiconductor, chemical, power generation and medical for condition monitoring and preventative and predictable maintenance purposes.
Mikron is headquartered in Oakland, N.J., with manufacturing and sales facilities in the United States and Western Europe.