WESTBROOK, Maine — Idexx Laboratories reported on Wednesday that is has acquired a Brazilian distributor that will aid its expansion in that market.
The biotech company acquired all the outstanding shares of Madasa do Brasil Ltda., a Sao Paulo-based distributor of Idexx’s dairy and bovine testing products, as well as other food safety testing products, according to a news release from the company.
The acquisition gives the company “an on-the-ground presence in Brazil” that will strengthen not only the growth of its dairy, bovine and other livestock products in the region, but its diagnostic products and services for the pet market, as well, according to Jonathan Ayers, Idexx’s chairman and CEO.
The company’s division that handles products and services for the pet market, known as its Companion Animals Group, consists of 84 percent of the company’s total revenue, which equaled nearly $1.3 billion last year, according to the company’s financials.
“This acquisition will create a strong foundation to ensure our further success in this region,” Ayers said in a statement.
All Madasa employees will join Idexx, which employs 1,800 people at its headquarters in Westbrook, and continue operations in Sao Paulo.
The acquisition is expected to contribute approximately $2 million of revenue during the rest of 2013, and have no financially material impact to earnings, the company said.