[MERGER UPDATE] Magnetica’s Shareholders Approve Merger
Publication Date: 17 February 2021
On 29 January, Magnetica’s shareholders approved a merger with Scientific Magnetics, a maker of cryogen-free superconducting magnets, and Tecmag, a manufacturer of MRI and NMR instrumentation, creating a combined business with total net assets of about GBP 5.3m (USD 7.24m).
The new entity will continue to trade as Magnetica, absorbing Scientific Magnetics and its subsidiaries. Its team of employees has grown from 10 to 35 worldwide.
UK-based Avingtrans, a supplier of equipment and systems to energy and medical sectors, which owns a majority stake in Scientific Magnetics, will acquire an undisclosed majority shareholding in the new business. The combined business will become a key part of Avingtrans’ medical and industrial imaging division.