Eurofins Scientific pushes further into India with Spectro acquisition
Eurofins Scientific, the world leader in bioanalytical testing, has announced the acquisition of Spectro Analytical Labs Ltd. Spectro leads the Indian market in environmental analytical product testing and inspection, and Eurofins will be hoping that it can provide the company with a bigger footprint in the country. Spectro has been in business for 22 years, and is highly accredited in India. Over this time, it’s become the biggest player in the domestic environment and analytic testing market, operating 5 laboratories housing 450 staff. It’s a big step forward for Eurofins in India.
Eurofins Scientific’s share price is up 40% year to date
SOURCE: Yahoo Finance
Spectro’s CEO, Kuldeep Dhingra, said: We are delighted to become part of the Eurofins Group. We see tremendous growth opportunities in the Indian testing and inspection industry and are excited with the prospects of significant value creation for our clients and employees through access to Eurofins’ global network of laboratories, technical and financial competencies.”
This is the latest acquisition by Eurofins, which has pursued growth aggressively by buying smaller companies and integrating their reach into its own. The company’s CEO, Dr. Gilles Martin, said:
“We are pleased to welcome Spectro, a prominent Indian testing services provider, to Eurofins’ family of businesses. Spectro’s broad range of testing and inspection services, combined with Advinus’ biopharmaceutical and agro sciences competencies that were acquired earlier this year and Eurofins’ existing genomics, food and clinical testing laboratories, will complement the Group’s analytical services portfolio and provide Eurofins with a well-balanced initial market presence in India. This transaction is another demonstration of Eurofins’ commitment to expand its global network of analytical services laboratories across all geographical regions where it anticipates significant growth.”
Dominion holds Eurofins Scientific in its Global Trends Managed Fund.
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