Eurofins: acquires Covance Food Solutions
(CercleFinance.com) - Eurofins Scientific today announces the signing of an agreement with LabCorp to acquire Covance Food Solutions, a provider of laboratory testing and consulting services covering the entire food supply chain.
Operating an integrated network of twelve sites worldwide (including nine in the US), Covance employs 850 people and is expected to generate revenue of 160 million dollars in 2018, with an EBITDA margin that is well above Eurofins' targets.
The transaction, which has been agreed at a price of 670 million dollars, is set to be finalised in the third quarter of 2018, subject to the usual regulatory conditions. It should then have an immediate relutive impact on the French group's margin and EPS.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Operating an integrated network of twelve sites worldwide (including nine in the US), Covance employs 850 people and is expected to generate revenue of 160 million dollars in 2018, with an EBITDA margin that is well above Eurofins' targets.
The transaction, which has been agreed at a price of 670 million dollars, is set to be finalised in the third quarter of 2018, subject to the usual regulatory conditions. It should then have an immediate relutive impact on the French group's margin and EPS.
Copyright (c) 2018 CercleFinance.com. All rights reserved.