Agfa signs agreement with Emerson Electric to acquire worldwide Krautkramer
ultrasound business and technology
The Agfa-Gevaert Group (AGF), Mortsel/Belgium, and Emerson Electric Co (NYSE: EMR), St. Louis, Missouri/USA, announced on April 24, 2000 that they have signed an agreement whereby Agfa will acquire the entire, worldwide Krautkramer business, including Nukem Neutronics, from Emerson Electric Co. The Krautkramer business consists of the development, production and worldwide distribution of ultrasonic devices for the non-destructive testing of various materials. Krautkramer sells portable as well integrated testing systems for flaw detection, thickness gauging, hardness testing and eddy current inspection. With manufacturing plants in Lewistown (Pennsylvania, USA) and Hürth (Cologne, Germany), and customer support offices in USA, Germany, UK, France, Italy, Brazil, Japan as well as other countries in the Far East, Krautkramer employs over 650 people and has over 400 sales and service representatives worldwide. Product and company information can be found on Krautkramer’s home page on the World Wide Web at: http://www.krautkramer.com/ The transaction is subject to customary regulatory approvals. Further terms were not disclosed.
Dr. Klaus Seeger, chief executive officer of the Agfa-Gevaert Group (AGF), said, "Non-destructive Testing is one of Agfa's core businesses less known to the general public. However, Agfa sells industrial radiography systems that are used to test the safety of eighty percent of the world's passenger aircraft, and most major pipeline projects around the globe are tested with Agfa receptors. With this acquisition, Agfa broadens its technology base in the non-destructive testing business, adding high-tech ultrasound hard- and software technology, which is considered to be one of the most promising and fastest moving technologies in non-destructive testing.'' Seeger concluded: "The acquisition of the Krautkramer Business not only strengthens Agfa's portfolio in the high tech markets, but it's just another step in Agfa's overall goal of becoming a solution provider for all its core technologies."
According to Charles A. Peters, Executive Vice President of Emerson Electric Co., "Agfa's strategic focus on non-destructive testing will provide a growth opportunity for Krautkramer that did not exist within Emerson.”
The Agfa Group headquartered in Mortsel, Belgium ranks among the world's leading imaging companies. Agfa develops, produces and markets analog and digital systems, primarily for the graphics industry, medical and industrial radiography, micrographics, motion picture film and consumer imaging and photography markets. Agfa employs about 22,000 people in 40 countries, and has 120 agents throughout the world. Together, they achieved a turnover of 4,731 million Euro in 1999. Agfa is quoted on the Brussels and Frankfurt stock exchange since 1 June 1999. Product and company information can be found on Agfa's home page on the World Wide Web at: http://www.agfa.com/