Thermo Fisher buys Biolab, expands Australian presence

By Mass High Tech staff

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Thermo Fisher Scientific Inc., the Waltham-based instrumentation and research products company, has announced an agreement to pay about $120 million to buy Biolab Pty. Ltd., the scientific and medical division of Alesco Corp., an industrial brands company in Australia and New Zealand. Biolab develops laboratory equipment, analytical instruments and life science consumables. As a result of the buyout, Biolab will operate in Thermo Fisher’s laboratory products and services segment.

The acquisition broadens Thermo Fisher’s product reach into the South Pacific region, company officials said in press release.

Thermo Fisher (NYSE: TMO) reported last week that its first quarter earnings statement saw a 12 percent drop in revenue compared to the first quarter of 2008. The company said the revenue drop is the partial result of the negative impact of foreign currency translation, which reduced revenues by 5 percent, as well as customer delays on capital purchases because of the existing poor economic environment.

Thermo Fisher reported a net profit of $994 million on total revenue of $10.5 billion in 2008, compared to a net profit of $761 million on $9.75 billion in 2007.

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