Date Closed

July 1, 2010

Lead Office

Québec City

On July 1, 2010, Olympus Corporation ("Olympus") announced that its U.S. consolidated subsidiary, Olympus NDT Corporation has acquired 100% of shares of Innov-X Systems, Inc. ("Innov-X").

 Products developed, manufactured and sold by Innov-X include X-ray fluorescence (XRF) analyzers, which are used to non-destructively analyze the elemental composition of objects. As a result of this acquisition, which took place on July 1, 2010, Innov-X is now a consolidated subsidiary of Olympus.

Olympus, headquartered in Massachusetts, develops, manufactures and sells a wide range of industrial equipment, including industrial microscopes and non-destructive testing equipment (industrial videoscopes, ultrasonic and eddy current flaw detectors). Industrial microscopes are used mainly to observe and measure minute surface profiles, while non-destructive testing equipment is used to inspect for internal flaws of parts and structures in petrochemical plants, aircraft and manufacturing facilities. By supplying these types of industrial instruments, Olympus is contributing to the productivity of industries and the safety of society.

Innov-X, headquartered in Massachusetts, has built a global business as a developer, manufacturer and supplier of portable X-ray fluorescence (XRF) analyzers that are used to determine the types and amounts of elements that make up objects by irradiating them with small amounts of X-rays. This non-destructive technology provides a quick and accurate way to carry out elemental analyses of a variety of substances, including solids, powders and liquids. It is used worldwide for a variety of purposes, including the detection of hazardous substances such as lead in electronic devices and construction materials, and assays of natural mineral resources, alloys and recyclable materials.

As part of Olympus Group 2010 Corporate Strategic Plan (March 2011 – March 2015), Olympus supplies industrial testing and measurement equipment. By adding Innov-X, a leader in the field of X-ray fluorescence analysis equipment, to its corporate group, Olympus has expanded its business domain in the area of industrial equipment to include the market for analysis equipment and further broadened the scope of its involvement in the industrial testing field. Olympus also aims to create new added value in the non-destructive testing field by combining its technology with the XRF analysis technology of Innov-X.

McCarthy Tétrault LLP represented Olympus NDT, as acquiror.