X-Rite Announces Sale of Labsphere Subsidiary to Halma p.l.c.

GRAND RAPIDS, Mich.--X-Rite, Incorporated today announced the sale of its Labsphere subsidiary to a subsidiary of Halma p.l.c. Labsphere is a global leader in the design and manufacture of innovative equipment for light measurement, sensor calibration, and spectroscopy as well as diffuse reflectance materials. Halma has acquired all outstanding Labsphere stock for approximately $15 million in cash, subject to certain closing adjustments.

“The divestiture of Labsphere is part of the ongoing X-Rite strategy to focus resources on its core color-related business,” stated Thomas J. Vacchiano, CEO. “Labsphere’s light business has performed very well over the last several years and we believe that Halma, which has several related businesses, will continue its tradition of excellence.”

Andrew Williams, Halma’s Chief Executive, commented, “Labsphere enhances Halma’s presence in the growing photonics market and complements our existing businesses where technical and marketing collaboration opportunities exist. Together with Ocean Optics, Halma now has two leading companies in this exciting market where we are well placed to grow organically and through further acquisitions.”

“Labsphere contributed approximately $12 million of annual revenue to the X-Rite group, or approximately 5 percent of total combined proforma revenues,” stated Mary E. Chowning, CFO. “We are pleased with the pricing for the transaction and will use the net proceeds to reduce our debt.”

About X-Rite

X-Rite, which recently acquired GretagMacbeth, is the global leader in color measurement and color management, offering hardware, software and services for measuring, formulating and matching color. The Company serves a range of industries, including printing, packaging, photography, graphic design, video, automotive, paints, plastics, textiles, dental and medical. X-Rite serves customers worldwide from its offices in Europe, Asia and the Americas. Visit www.xrite.com for more information.