IDEXX Laboratories Acquires Brazil Distributor
WESTBROOK, Maine, Aug. 21, 2013 /PRNewswire/ -- 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.
About IDEXX Laboratories
IDEXX Laboratories, Inc. is a leader in pet healthcare innovation, serving practicing veterinarians around the world with a broad range of diagnostic and information technology-based products and services. IDEXX products enhance the ability of veterinarians to provide advanced medical care, improve staff efficiency and to build more economically successful practices. IDEXX is also a worldwide leader in providing livestock and poultry diagnostic tests and tests for the quality and safety of water and milk. Headquartered in Maine, IDEXX Laboratories employs more than 5,500 people and offers products to customers in more than 175 countries.
Note Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and beliefs, as well as a number of assumptions concerning future events. These statements are subject to risks, uncertainties, assumptions and other important factors. Readers are cautioned not to put undue reliance on such forward-looking statements because actual results may vary materially from those expressed or implied. The reports filed by the Company pursuant to United States securities laws contain discussions of these risks and uncertainties. The Company assumes no obligation to, and expressly disclaims any obligation to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are advised to review the Company's filings with the United States Securities and Exchange Commission (which are available from the SEC's EDGAR database at www.sec.gov/, at various SEC reference facilities in the United States and via the Company's website at www.idexx.com).
Contact: Ed Garber, Director, Investor Relations, 1-207-556-8155
SOURCE IDEXX Laboratories, Inc.