IDEXX Labs Buys All Outstanding Shares of Madasa do Brasil Ltda., No Terms Disclosed
IDEXX Laboratories, Inc. (NASDAQ: IDXX), today announced that it has acquired all outstanding shares of Madasa do Brasil Ltda. (Madasa). Based in Sao Paulo, Brazil, Madasa is a distributor of IDEXX Dairy and bovine testing products, as well as other food safety testing products.
"The acquisition of our Brazilian distributor of Dairy and bovine products, with its skilled commercial team and local market expertise and capability, provides IDEXX with an on-the-ground presence in Brazil. We look forward to this new relationship expanding our strength in the region as we expect to continue to grow our livestock, poultry, dairy and water businesses in Brazil," commented Jonathan Ayers, Chairman and Chief Executive Officer of the Company. "IDEXX also is eager to work with Madasa's other current suppliers to offer an even more comprehensive portfolio of complementary food and animal safety testing products to the expanding Brazilian market."
"Brazil also presents a tremendous growth opportunity for IDEXX companion animal diagnostic products and services," added Ayers. "This acquisition will create a strong foundation to ensure our further success in this region."
All Madasa employees will join IDEXX and continue operations in Sao Paulo.
Over the remainder of 2013, the acquisition is expected to contribute approximately $2 million of revenue and have no financially material impact to earnings. This transaction was not included in the guidance for 2013 provided at the time of the Company's most recent earnings release on July 23, 2013.
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