25 Jun

2010

Do you do business in your region? Sign up to our daily bulletin to keep up-to-date.

Entrepreneurship

Kromek completes US takeover

Posted by 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.

Read more in these areas:

#National #elsewhere #science #technology
Sponsored Content
Develop the expertise your company needs with higher and degree apprenticeships at Teesside University

Investing in leadership and management is something that no business…

CIM launches ‘North East Marketing Greats’ with region’s top marketers

Fifty of the North East’s leading marketers are backing a…

North East LEP careers lead named Career Educator of the Year

The North East man helping to transform the quality of…

Today’s FedEx top tip: Build up your business image

Your online presence is crucial to creating a good first…

Sponsor your content →