MDL set sights on growth
LASER measurement technology specialists Measurement Devices Ltd (MDL) are to accelerate their drive to become a world-class laser measurement technology manufacturing business after selling a 29% shareholding to global metrology and healthcare products manufacturer Renishaw plc.
MDL, who have bases in York, Aberdeen and Houston, Texas, will use the finance raised to fund their expansion in the fast-growing global eye-safe, time-of-flight laser measurement technology sector, which the company has helped pioneer since it was founded in 1983.
No changes are anticipated at MDL, with founder Steve Ball remaining as president in Houston and Elaine Ball as remaining managing director in the UK.
Renishaw plc’s assistant chief executive, Ben Taylor, commented: ‘We are very pleased to announce our acquisition of a stake in MDL. We have many reasons to be interested in such a high-quality business, one being that its laser systems complement our own metrology products and have potential to be integrated with them.’
Mr Taylor confirmed that MDL would retain their independent distribution network but added that, where gaps existed, the company would benefit from support from Renishaw’s own global subsidiary network.
‘It is also our intention that the two businesses will share their extensive knowledge of measurement technologies to develop new products for various measurement applications,’ he said.
An agreement with Renishaw plc provides for the remaining MDL shares to be acquired during the next four years.
MDL, who have bases in York, Aberdeen and Houston, Texas, will use the finance raised to fund their expansion in the fast-growing global eye-safe, time-of-flight laser measurement technology sector, which the company has helped pioneer since it was founded in 1983.
No changes are anticipated at MDL, with founder Steve Ball remaining as president in Houston and Elaine Ball as remaining managing director in the UK.
Renishaw plc’s assistant chief executive, Ben Taylor, commented: ‘We are very pleased to announce our acquisition of a stake in MDL. We have many reasons to be interested in such a high-quality business, one being that its laser systems complement our own metrology products and have potential to be integrated with them.’
Mr Taylor confirmed that MDL would retain their independent distribution network but added that, where gaps existed, the company would benefit from support from Renishaw’s own global subsidiary network.
‘It is also our intention that the two businesses will share their extensive knowledge of measurement technologies to develop new products for various measurement applications,’ he said.
An agreement with Renishaw plc provides for the remaining MDL shares to be acquired during the next four years.
