Do you do business in your region? Sign up to our daily bulletin to keep up-to-date.
Kromek completes US takeover
Posted by Ruth Mitchell on 25 Jun 2010
TECHNOLOGY firm Kromek has established a foothold in the US with the acquisition of a Californian company as it looks to sell its airport security system to the world.
The County Durham business, which is currently valued at over £50m, has already attracted international interest in its scanner that can detect explosives or illegal substances in sealed containers such as bottles.
It has now bolstered its overseas presence by snapping up NOVA R&D, which has 22 patents in the field of imaging and radiation detection.
The Sedgefield-based company said the acquisition, which was part-cash, part-stock, would affirm its position as one of the few companies in the world with such technical capability and scope.
CEO Arnab Basu said: “These are undoubtedly exciting times for everyone at Kromek. The team has worked tirelessly to push us forward in target markets and identify opportunities for business expansion.
“This acquisition is major part of that strategic effort, and we are proud to now be at the global forefront of the imaging and detection market, which has so many industrial applications. We are all looking forward to working with our new colleagues in California to make the newly combined business a big success.”
Dr Tumay Tumer, former CEO and president of NOVA and originator of the majority of the technology and patents will stay on as chief scientist.
He said: “NOVA’s existing technologies complement Kromek’s offering perfectly, creating a cutting edge, world-leading combination.”
Kromek started life as a Durham University spin-out called Durham Scientific Crystals in 2003.