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Troubled Agawam testing firm to be sold to European company

Spectrum Analytical, Inc., the bankrupt Agawam environmental firm mired in accusations of fraud, is set to be sold.

Eurofins Scientific, Inc., the US arm of a European life sciences group, plans to buy Spectrum and retain its employees, according to a filing in Massachusetts’s federal bankruptcy court. The planned purchase price wasn’t disclosed, but it was above $5.2 million, according to court documents.

The company filed for bankruptcy in April after a division of Brookline Bancorp alleged the company produced fraudulent documents to get credit to conduct transactions in Saudi Arabia. The bank is owed $8.9 million, bankruptcy filings say. It has continued to operate under management appointed by a bankruptcy lawyer.

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Hanibal Tayeh, the company’s former owner, is under criminal investigation, his attorneys have said. An attorney for Tayeh declined to comment on the investigation or the bankruptcy proceeding.

Eurofins Scienfic SE, the Belgian parent company of the winning bidder, has 17,000 employees in laboratories across 38 countries, according to an affidavit from a company executive entered yesterday. The filing was first reported by MassLive.


Jack Newsham can be reached at jack.newsham@globe.com. Follow him on Twitter @TheNewsHam.