inTEST Corporation [AMEX: INTT] disclosed that it has completed the acquisition of all of the assets of Z-Sciences Corp. This acquisition underscored the strategy of the firm to expand through advanced technologies with an eye towards fast-growing, adjacent markets. The firm disclosed that Life Sciences is an important target market for inTEST. The purchase decision of the firm will enable it to expand its medical offerings.
Since its inception in 2004 by Jean Fallacara, Z-Sciences build and sells high-performance biomedical refrigerators and freezers that meet versatile applications. It includes ultra-cold storage solutions for biological sample banks, blood safety, vaccine safety, medical supplies, and reagent safety. Z-Sciences has its headquarter in Montreal, Canada.
Furthermore, after the acquisition, Mr. Fallacara and his staff will be joining inTEST and the business will be consolidated into the Thermal segment. In line with his potential work, Mr. Fallacara would get a multi-year restricted stock award with assigning provisions that would depend on reaching future performance objectives related to sales growth and profitability of products related to the Z-Sciences business.
In addition, the CEO of inTEST disclosed that its team has explored a set of purchase targets that the firm considers will bring unique or advanced technologies, provide complementary capabilities, such as ultra-cold storage, or enable deeper and broader reach within its targeted industries and geographies. Both the firm has not disclosed the terms of conditions yet.