Paris and Stockholm, March 6th, 2008. Orolia (NYSE Alternext Paris - FR0010501015 - ALORO), a precision electronics technology group specialized in high-precision time and frequency generation and distribution, announced today the acquisition of Stockholm-based Pendulum Instruments, the European leader in the field of time and frequency calibration, measurement and analysis.
This acquisition extends the technical competencies and market reach of Orolia to a third area of expertise: the measurement of high-precision time and frequency signals. In addition to new market access for this important technology and as an integral part of Orolia's strategy to establish product leadership in key industries, this acquisition allows the Group to expand its geographical presence in the fast-growing economies of Eastern Europe, Russia and China.
With a rich, decades long heritage in test and measurement instrumentation and a turnover of 5 M€ in 2007, Pendulum Instruments, headquartered in Sweden with offices and subsidiaries in China, Russia, and the USA, is an industry leader serving the electronics, communications, metrology and military markets with a product portfolio of frequency counters, frequency standards, frequency distribution systems, and wireless test equipment.
As a complementary fit to Orolia's existing time and frequency businesses, T4 Science, SpectraTime and Spectracom, the acquisition of Pendulum Instruments allows the companies to mutually benefit from global distribution channels, vertical integration of key system components and local support.
In line with the decentralized management culture of Orolia, Pendulum Instruments and its subsidiaries will continue to operate under their own brand and under the leadership of their current management team.
Orolia confirms its strategy to grow the Group through targeted synergistic acquisitions "This is Orolia's second acquisition in seven months, and is a further milestone in the group's accelerated growth strategy," said Jean-Yves Courtois, Orolia's Chairman and CEO. "The acquisition of Pendulum Instruments, with its entrepreneurial management team, a software development center in Saint-Petersburg (Russia), its wide sales network, and a strong presence in Eastern Europe and Asia, constitutes a unique opportunity for Orolia to go one step forward in its plan to build a global worldwide leader in iPrecision Systems for Critical Operations." He added: "Orolia has been historically involved in high-precision time and frequency generation through its atomic clocks, which are used throughout the world. During the last three years, we have gradually established Orolia as a leading time and frequency distribution company through the acquisition and development of one of the best time server and synchronization equipment portfolios on the market. Extending our reach to the measurement of time and frequency signals offered a natural growth opportunity with strong synergies at the R&D, marketing and sales levels."
"We are delighted about joining Orolia because of the Group's technological expertise and its international dimension and culture," said Harald Kruger, CEO of Pendulum. "The exciting synergies at the technical and sales levels with the other Orolia companies will allow us to strengthen our product, support and service offers for our customers and to leverage our past efforts in developing a strong hardware and software team and a worldwide sales network covering more than 100 countries."
About Orolia
Orolia, a precision electronics technology group, brings together branded leading-edge companies specialized in high-precision time and frequency solutions systems for mission-critical applications. The group includes four companies: SpectraTime, T4 Science, Spectracom and Pendulum Instruments. Orolia's companies develop and market systems that produce, distribute and measure ultra-high precision signals through information networks in large and growing high-end markets, such as space and navigation, defense and security as well as telecommunications and broadcasting. These systems are deployed in a number of countries in Europe, Asia and North and South America. Orolia has committed to an accelerated growth strategy through acquisitions (companies, products, technologies). Orolia's headquarters is located in Les Ulis, France, and the company also has offices in Neuchatel, Switzerland and Rochester, New York. Web: www.orolia.com (March 2008)
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