Oxford Instruments has acquired Technologies and Devices International, a US-based company that develops Hydride Vapour Phase Epitaxy (HVPE) equipment.
Domestic and commercial lighting made from High Brightness Light Emitting Diodes (HBLEDs) is currently about 10 times more efficient than tungsten bulbs and twice as efficient as Compact Fluorescent Lighting. Analysts predict that the market for HBLEDs will grow at a compound annual growth rate of 20 per cent to 2012.
Oxford Instruments currently sells process tools to complete three of the nine steps needed to manufacture HBLEDs. This acquisition allows the group to supply tools for a fourth step that has historically been the most time consuming and costly with a unique offering that will greatly enhance production efficiencies.
The company was purchased for $1m in cash, plus a cash earn-out, payable in July 2012 based on the sales of equipment in the preceding financial year. The total value of the deal has been capped at $6m. TDI is currently owned by private individuals, predominately comprising members of the founder’s family and employees.
'Oxford Instruments intends to acquire complementary technologies to support our objective to double the size of the group over five years and improve EBIT margins by 10 percentage points,' said Jonathan Flint, chief executive of Oxford Instruments.
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