Andor Technology buys up Toronto company
Andor Technology, one of Northern Ireland's three listed companies, has bought a Canadian optical technology firm in a deal worth up to £10m. Andor will pay £6.8m in cash for Spectral Applied Research.
Up to £3m could follow depending on the performance of the business over the next three years. Spectral is based in Toronto and is a market leader in the design and manufacture of optical systems for the cell biology research community.
Andor boss Conor Walsh said the deal would enhance Andor's position in the Systems business, providing the firm with access to Spectral's patented product set and a highly experienced design team.