Thermo Fisher to Acquire Biolab

test_tubes_flaskThermo Fisher Scientific, a developer of analytical instruments and research products, has announced plans to acquire Biolab for $120 million. Biolab is Australia’s leading provider of laboratory supplies. The announcement comes after Thermo Fisher posted a 35 percent decline in net income for the first quarter of 2009. A stronger dollar, in conjunction with decreased customer spending caused by the global recession, caused shares to drop by 9.2 percent last week. The acquisition is intended to increase Thermo Fisher’s presence in Australia, New Zealand, and the South Pacific.

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