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GenRad furthers automotive aftermarket initiatives with tender offer for Autodiagnos AB
Keywords GenRad, Autodiagnos, Tendering
GenRad, Inc. has announced that it has made a bid worth $27.0 million for the shares of Autodiagnos AB, an automotive diagnostics solutions company based in Stockholm, Sweden. Completion of the tender offer is expected in mid-April. Autodiagnos will provide GenRad with the ability to offer complete diagnostic solutions, across a broad range of vehicles, to the automotive aftermarket.
GenRad's chairman and CEO, Jim Lyons, stated, "The acquisition of Autodiagnos marks the next critical step in our expansion into the automotive aftermarket and transportation arena. The Autodiagnos acquisition will provide GenRad with a brand name, distribution channels and complementary technology; all essential as we establish our presence in the global automotive aftermarket. Together with our recent acquisition of Mastertech, we will have in place the necessary components to provide the most comprehensive diagnostic tools available for the automotive aftermarket."
This acquisition will not compromise the integrity or proprietary nature of the relationships that GenRad currently maintains with its global OEM partners. Following the acquisition, GenRad will have two distinct businesses in the automotive and transportation arenas (OEMs and independent service technicians) which have the ability to share guided diagnostic test platforms and authoring tool technologies.