The Tecan Group announced that it has successfully completed the acquisition of US-based Paramit Corporation and its affiliates (“Paramit”) for a total purchase consideration of USD 1.0 billion (CHF 920 million). On June 23, 2021, Tecan entered into a definitive agreement to acquire Paramit.
Paramit, headquartered in Morgan Hill (CA), US, is a leading OEM developer and manufacturer of medical devices and life sciences instruments. With the addition of approximately USD 300 million in revenues (CHF 276 million) expected in 2022, the acquisition will further extend Tecan’s position in solutions for life sciences and in-vitro diagnostics (IVD). It will also add a new business vertical in the attractive and fast-growing market for medical devices. The acquisition will bring significant engineering as well as cost-competitive manufacturing capabilities, both in North America and in the APAC region. Equipped with proprietary computer-directed assembly technology, these facilities deliver ultra-flexible production planning, while reducing the potential for errors (“zero-defect manufacturing”).
From August 1, 2021, Paramit will be included in the consolidated financial statements of the Tecan Group as a part of the Partnering Business segment.