Boulder, CO – March 12, 2013 – ASD Inc., manufacturer of Near-Infrared (NIR) spectroscopy instrumentation for materials measurement and research, was acquired by Spectris plc (LSE: SXS), the productivity-enhancing instrumentation and controls company. The acquisition was completed on January 31, 2013.
Through the acquisition, ASD becomes Spectris’ “NIR Excellence Center” and will be integrated with PANalytical B.V., located in the Netherlands.
ASD was acquired for a debt and cash-free net consideration of $14 million. The consideration will be met from existing cash and bank facilities and is subject to routine balance sheet adjustments. In addition, a contingent consideration of up to $19 million may become payable to the sellers, based on achieving growth in sales targets for the 36-month period ending December 31, 2015.
ASD will become part of Spectris’ Materials Analysis segment and will be integrated with PANalytical B.V., the world's leading supplier of instrumentation and services for X-ray diffraction (XRD) and X-ray fluorescence (XRF) spectrometry. PANalytical offers analytical equipment for industrial and scientific applications, as well as the semiconductor market. ASD’s NIR instrumentation and solutions naturally complement PANalytical’s superior analysis systems.
“ASD’s successful NIR solutions for the remote sensing, mining and other industrial markets augment and extend PANalytical’s offerings toward scientific and industrial customers and will add a new contiguous product line with portable, handheld, benchtop and online products,” said Jim Webster, Business Group Director at Spectris. “The acquisition of ASD will provide strong synergies in the combination of both companies’ technologies, customer support capabilities and distribution channels.”
Concurrently, Dr. Alexander F. H. Goetz, co-founder of ASD and the renowned “father of hyperspectral imaging,” retired from his position as Chief Scientist. Dr. Goetz founded ASD with Dr. Brian Curtiss, Chief Technology Officer, in 1990.
More than 20 years ago, Dr. Goetz responded to earth-science researchers’ call for a high-performance, portable instrument that could be used in field work. He designed the FieldSpec® FR, the world’s first high-speed, truly portable full-range spectroradiometer, which was quickly embraced by fellow scientists around the world. Dr. Goetz’s career includes 15 years at NASA’s Jet Propulsion Laboratory and more than 20 years as founding Director of the Center for the Study of Earth from Space (CSES), at the University of Colorado.
Additionally, David Rzasa, CEO and President, and Thomas Beck, CFO, will step down from their positions with ASD and the company’s board of directors. Bob Faus, PE, previously vice president of engineering, and Michael Lands, vice president of sales and marketing, will assume executive leadership positions as vice president and general manager, NIR, and vice president, sales and marketing, NIR, respectively.
“The recent acquisition expands our potential to serve more customers and reach out to more prospects in a wide range of industries,” said Michael Lands, vice president, sales and marketing, NIR. “Our parent companies are ready to support our vision and grow our product offerings, services and programs to even higher levels of success.”