Kewaunee Scientific Corporation Completes Acquisition of NuAire

STATESVILLE, N.C., Nov. 1, 2024 -- Kewaunee Scientific Corporation (NASDAQ: KEQU)

Kewaunee Scientific Corporation ("Kewaunee"), a leader in laboratory furniture and technical product design and manufacturing, today announced the successful acquisition of NuAire, a Minneapolis-based company, for $55 million, subject to certain adjustments for debt, cash, transaction expenses, and net working capital. NuAire is renowned for its manufacturing of biological safety cabinets, airflow products, CO2 incubators, ultralow freezers, animal handling equipment, pharmacy compounding isolators, and related parts and accessories. Their products serve a diverse range of industries, including life sciences, healthcare, pharmacy, education, food and beverage, and industrial sectors.

The acquisition of NuAire presents a unique opportunity for Kewaunee to combine its robust capabilities with a recognized market leader whose product portfolio and well-developed channel strategy complement Kewaunee's existing offerings. This acquisition expands Kewaunee's capabilities, allowing the combined organization to better meet the diverse needs of end-users in laboratory furnishings. Additionally, NuAire has established distribution partners in regions where Kewaunee has not previously had a presence. This move accelerates Kewaunee's vision of becoming the market leader in the design and manufacturing of laboratory furniture and technical products essential for outfitting laboratories...

Read the full Press Release here.