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RMD Acquired by Dynasil in $20M Deal |
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Written by Mike Buetow
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Thursday, 03 July 2008 |
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WEST BERLIN, NJ – Dynasil Corp. of America has acquired Radiation
Monitoring Devices Inc. and specific assets of RMD Instruments LLC for $20
million in cash and stock.
Under terms of the deal, Dynasil will pay $12.5 million in cash and 4.6 million
shares of common stock for RMD.
RMD owners Dr. Gerald Entine and Jack Paster will remain
with the company.
Dynasil had sales of $11 million last year. RMD generated more than $20 million in revenues last year.
Dynasil is financing the acquisition via a $9 million bank
term loan and a $5 million stock offering.
In a statement, Dynasil chairman James Saltzman said, “Adding
RMD is a transformational event. We expect that it will more than triple our
revenues and profits while our shares outstanding only approximately double,
which should make it immediately accretive. It also brings us some exciting
products as well as extensive technological capability that we expect will
drive our future growth.”
Dynasil manufactures
photonic products such as optical materials, components, coatings and
specialized instruments.
RMD makes a range of XRF and other equipment for various applications, including electronics, chemicals and medical. |
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