Abaxis, Inc. (NasdaqGS: ABAX), a medical products company manufacturing point-of-care instruments and consumables for the medical, research, and veterinary markets worldwide and providing reference lab services to the veterinary and research markets in the United States, announced today the completion of a stock purchase agreement to acquire 100% of QCR & Trio Diagnostics Limited, a United Kingdom based distribution organization. The transaction closed on November 17, 2014.
Achim Henkel, Managing Director of Abaxis Europe GmbH, commented, "After a long and successful cooperation with QCR & Trio Diagnostics as our distribution partner in the United Kingdom and Ireland, we now take direct market responsibility by closing on this acquisition. We welcome the highly motivated and experienced QCR & Trio employees as new members of the Abaxis team and we look forward to a strengthened operational structure. We believe that in a complex market environment, this acquisition allows us to communicate the superior quality and performance of Abaxis' vet products to the full benefit of our existing and future customers."
Clint Severson, president and chief executive officer of Abaxis, Inc., commented, "We are pleased to have completed this acquisition. Over the years QCR & Trio Diagnostics has been a trusted partner and it made strategic sense to integrate them directly into the Abaxis team to drive even greater efficiencies in extending our brand into the veterinary market in Europe. Our goal is to build and strengthen our presence in additional geographic markets to expand the growth potential of Abaxis into the future. Investing more in Europe, and other international markets, will be a focus going forward."
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