PERTH: XRF Scientific Ltd. has acquired Bruker AXS SE’s Combustion Gas Analysis business in a cash deal worth $4 million, the company announced Wednesday.
The acquisition, executed through XRF’s wholly owned subsidiary XRF Technology (WA) Pty Ltd., includes four analytical instruments used for rapid elemental analysis of carbon, sulfur, oxygen, hydrogen and nitrogen. The products are sold under names including “G4 Icarus” and will be rebranded as XRF Scientific.
The CGA business generated unaudited revenue of $5.3 million in 2025 from instruments, spare parts and servicing. Its customer base spans Europe, North America and Asia, with most sales conducted through third-party distributors.
Production currently takes place in Karlsruhe, Germany, but will be transferred to XRF’s factory in Perth, Australia. The transition is expected to be completed during the third quarter of the 2026 calendar year. Key sales management and technical support employees based in Germany and the United States will join XRF.
No conditions preceded the binding asset purchase agreement, and completion is expected this week once the upfront cash payment is received by Bruker.
The purchase price includes approximately $800,000 of inventory and demo instruments valued at cost. An additional earnout of up to $1 million is payable based on 7% of net CGA revenue from products and services over three years following completion, with payments made in arrears every six months.
Frank Burgaezy, president of the Bruker AXS Division, said the CGA business was not aligned with Bruker’s core operations but would be in good hands with XRF, a long-standing partner.
Vance Stazzonelli, managing director of XRF Scientific, said the company admired Bruker and had collaborated with it for more than a decade. “Whilst the CGA product range is non-core to Bruker, it will form a material part of our business and future growth plans,” he said.
XRF Scientific Ltd. is an Australian listed company based in Perth. Bruker Corp. trades on the Nasdaq under the symbol BRKR.