Eurofins Scientific acquires Clinical Research Laboratories, expands global cosmetic testing footprint
Eurofins Scientific, a market-leading bioanalytic testing laboratory group with a global footprint, has recently expanded its specialisation in cosmetic testing with a North American acquisition. The company has purchased Clinical Research Laboratories (CRL), a leader in the field which is known for its excellence in clinical studies, safety and efficacy testing in the cosmetics and related industries. Founded in 1992, CRL provides testing to some of the world’s biggest international corporations.
Eurofins Scientific’s share price has appreciated by 5% in the last 3 months
SOURCE: Yahoo Finance
CRL employs more than 100 members of staff, and generated $12 million in revenue last year. The company will bring a world-class service to Eurofins, letting it offer clients “the most comprehensive cosmetics testing portfolio from its global network of over 25 state-of-the-art personal care products and cosmetics testing laboratories in Europe, Asia, Australia, and now the United States,” according to the companies’ press release.
This deal forms the latest step in what has proved to be a highly successful expansion-through-acquisition strategy that Eurofins has been pursuing for a number of years. Today, the company has more than 400 laboratories around the world, and has acquired around 80 competitors.
Dr. Gilles Martin, Eurofins’ CEO, made the following comment over the deal: “We are very pleased to welcome CRL and its teams to the Eurofins Group. This acquisition is a perfect geographic complement to our existing footprint in the cosmetic and personal care products testing field, and provides Eurofins with a global leadership position in the cosmetic testing market.”
Dominion holds Eurofins Scientific in its Global Trends Managed Fund.
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