WEST-Belfast-based imaging technology firm Andor Technology has paid more than £2.3 million to complete its second major US acquisition in the space of a fortnight.
The latest to come under Andor ownership is Apogee Imaging Systems in California, which has been making and supplying specialist cameras to government laboratories, astronomers and instrumentation manufacturers around the world since it was founded 20 years ago.
Andor has paid $3.75 million in cash (£2.32m), with a further consideration up to £210,000 payable under certain performance criteria. Andor will receive £400,000 of net assets as part of the acquisition.
Apogee, which employs 19 staff, is likely to deliver first-year revenue to Andor of around £2.79m.
Conor Walsh, chief executive of Andor, said: "This is a strategic acquisition for Andor, as it significantly broadens our mid-range camera offering. "The Apogee portfolio allows us to leverage our existing customer base and our global distributor network, both of which currently source these products elsewhere. "I'm delighted to welcome the Apogee team to Andor, building on our recent acquisition of Spectral Applied Research, and we are confident both businesses will contribute positively to the expanded Andor group."
In the six months to March Andor - which employs 350 staff including 250 in west Belfast - made pre-tax profits of £4.2m on a turnover of £27.9m.