MOCON to Acquire Danish Packaging Technology Company for $20M
MOCON, Inc. (NasdaqGM: MOCO) today announced that it has signed an agreement to acquire PBI-Dansensor A/S (Dansensor) of Ringsted, Denmark, a privately-held leading manufacturer of specialized instrumentation for Modified Atmosphere Packaging (MAP) of foods, beverages, pharmaceuticals, and other perishable items. In 2011, Dansensor recorded sales of approximately $19.3 million.
The acquisition agreement contains customary closing conditions, and MOCON expects the closing to occur on or about April 2, 2012. Under the terms of the acquisition agreement, MOCON will pay an aggregate amount of approximately $20,000,000, two-thirds of which will be paid in cash at closing, and the remainder of which will be paid over four years pursuant to a seller note.
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