GE Healthcare acquires Orbotech subsidiary; Brady Corp. acquires Australian firm
GE Healthcare acquires Orbotech subsidiary
GE Healthcare, which has its North American headquarters in Waukesha, has entered into an agreement to acquire the assets of Orbotech Medical Solutions Ltd. (OMS), a subsidiary of Orbotech Ltd.
Orbotech is a manufacturer of cadmium zinc telluride (CZT) detectors used in GE Healthcare’s Alcyone nuclear medicine technology. Under the agreement, GE Healthcare will pay $9 million in cash at closing for the assets of OMS, and up to an additional $5 million in cash, subject to the achievement of certain agreed performance-based milestones.
“We believe the future of nuclear medicine lies in the further development of CZT used in our Alcyone technology,” said Nathan Hermony, general manager Nuclear Medicine for GE Healthcare, which is a unit of General Electric Co. “Through this acquisition, we will expand our investment in CZT technology to benefit our molecular imaging customers, bringing new nuclear medicine technologies to healthcare professionals worldwide.”
Representing a significant development in nuclear medicine technology, Alcyone technology is a nuclear cardiology platform. Alcyone technology enables views of cardiac anatomy and functionality with greater clarity and speed, resulting in scan times as short as three minutes or up to a four-fold reduction in dose. Alcyone technology helps clinicians provide patients with faster and more comfortable examinations and improve clinician confidence.
Commenting on the transaction, Rani Cohen, president and chief executive officer of Orbotech, said, “We believe that a company such as GE will now be very well placed to pursue, and bring to successful commercialization, the cutting edge CZT technology developed by OMS for use in nuclear medicine imaging applications.”
Brady Corp. acquires Australian firm
Brady Corp., a Milwaukee-based provider of identification solutions, has acquired ID Warehouse, a supplier of people identification and security solutions in New South Wales, Australia.
ID Warehouse, founded in 1994, offers security identification and visitor management products, including identification card printers, access control cards, wristbands, tamper-evident security seals and identification accessories. The company sells its products primarily through the internet and via its sales force to security, human resources, marketing, event management and facilities control markets, predominantly in Australia.
ID Warehouse has annual sales of approximately $8 million. Financial terms of the acquisition were not disclosed.
“The acquisition of ID Warehouse gives us an opportunity to further grow our people-identification business in Australia and further expand our reach in the region," said Esther Savvas, Brady’ managing director for Australia. "They are an established, well-respected company with a passion for customer service. Their comprehensive knowledge of the security and identification industry makes them the go-to source for complete identification solutions, and will complement our current business in Australia well."
"Brady’s strong track record of business success, coupled with their strong sense of values make them the ideal acquirer to grow this business to the next level," said ID Warehouse sellers Kieran and Desiree Heath.
