Item 2. Properties
ITEM 2. PROPERTIES
The Company owns the facilities that its headquarters and R&D Systems subsidiary occupy in Minneapolis, Minnesota. The Minneapolis facilities are utilized by both the Company’s Protein Sciences and Diagnostics and Genomics segments.
The Minneapolis complex includes approximately 800,000 square feet of space in several adjoining buildings. Bio-Techne uses approximately 710,000 square feet of the complex for administrative, research, manufacturing, shipping and warehousing activities. The Company is currently leasing the remaining space in the complex as retail and office space. The Company also owns a 61,000 square foot facility in Saint Paul, Minnesota that is utilized for additional manufacturing capabilities and activities.
The Company also owns a 34,000 square foot manufacturing facility in Flowery Branch, Georgia. This facility is utilized by the Company’s Protein Sciences segment.
The Company owns a 17,000 square foot facility that its Bio-Techne Europe subsidiary occupies in Abingdon, England. This facility is utilized by the Company’s Protein Sciences and Diagnostics and Genomics segments.
The Company owns a 9,000 square foot facility that its Canada subsidiaries occupy in Toronto, Canada. This facility is utilized by the Company’s Protein Sciences and Diagnostics and Genomics segments.
The Company owns a 52,700 square foot manufacturing facility in Wallingford, Connecticut. This facility is utilized by the Company’s Protein Sciences segment.
The Company leases the following material facilities, all of which are primarily utilized by the Company’s Protein Sciences segment with the exception of the locations used by the Company’s ProteinSimple and CyVek subsidiaries, which support both the Protein Sciences segment and the Diagnostics & Genomics segment. Certain locations are not named because they were not significant individually or in the aggregate as of the date of this report.
Subsidiary
Location
Type
Square Feet
Bio-Techne Ltd
Langley, United Kingdom
Warehouse
14,300
Bio-Techne China
Shanghai and Beijing, China
Office/warehouse
25,500
Boston Biochem
Cambridge, Massachusetts
Office/lab
7,400
Tocris
Bristol, United Kingdom
Office/manufacturing/lab/warehouse
30,000
PrimeGene
Shanghai, China
Office/manufacturing/lab
20,600
Bionostics
Devens, Massachusetts
Office/manufacturing
70,000
Novus Biologicals
Centennial, Colorado
Office/warehouse
29,400
ProteinSimple
San Jose, California
Office/manufacturing/warehouse
98,000
ProteinSimple Ltd.
Ottawa, Canada
Office/manufacturing/warehouse
10,800
CyVek
Wallingford, Connecticut
Office/manufacturing/warehouse
17,500
Cliniqa
San Marcos, California
Office/manufacturing/warehouse
62,800
Advanced Cell Diagnostics
Newark, California
Office/manufacturing/warehouse
55,900
Bio-Techne France
Rennes, France
Office/warehouse
11,000
Exosome Diagnostics
Waltham, Massachusetts
Office/manufacturing/warehouse
38,400
R&D Systems
Minneapolis, Minnesota
Office/manufacturing/warehouse
10,700
Asuragen
Austin, Texas
Office/manufacturing/warehouse
47,400
Bio-Techne Ireland
Dublin, Ireland
Warehouse
25,000
The Company entered into a definitive agreement in November 2021 for a 74,000 square foot facility in Centennial, Colorado for the next 12.5 years with annual rental impact of $0.9 million. Construction is underway and once complete,
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the commencement of the lease will occur, which is expected to be in the first half of fiscal 2023. The facility replaces a current leased facility in the same location that will terminate upon completion of construction of the new facility. The Company believes the owned and leased properties, inclusive of the leased property in Colorado, are adequate to meet its occupancy needs in the foreseeable future.
ITEM 3. LEGAL PROCEEDINGS
As of August 19, 2022, the Company is not a party to any legal proceedings that, individually or in the aggregate, are reasonably expected to have a material adverse effect on the Company’s business, results of operations, financial condition or cash flows.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
PART II