Invensys divests Foxboro NMR stake
joint venture Foxboro NMR, which focuses the application of nuclear
magnetic resonance imaging technology in the process industries.
Foxboro NMR's marketing activities to date have focused on the refining and petrochemical industries, primarily through the Invensys sales channel, but it now says it wants to pursue opportunities in other sectors, including the drug industry.
Invensys' stake in Foxboro NMR has been taken up by venture capitalist company Teuza and electronics firm Elbit.
"This transaction will allow a strengthened Foxboro NMR organisation to expand its activities and business into additional markets with significant potential, including biotech and pharmaceuticals, chemicals, and food and beverages," said Avi Kerbs, president and CEO of Teuza.
Foxboro NMR has retained a working relationship with Invensys, which will act as a distributor for its products into the petrochemicals industry. Debts owed by the Israeli firm to Invensys will be restructured under the terms of the agreement.
Foxboro NMR will also transition to a new company name later this year.
