Renishaw, an engineering technologies company, has taken full ownership of Measurement Devices Ltd. (MDL), following its purchase of the remaining 34 percent of its shares for about $7.1 million.

The acquisition concludes an agreement reached in 2010, at which time Renishaw purchased a 29 percent stake in MDL, a United Kingdom-based business which designs and manufactures high speed laser measurement and surveying systems for use in extreme environments.

Renishaw’s Assistant Chief Executive, Ben Taylor, who is also chairman of the MDL board, said, “We see significant opportunities in the fields in which MDL operates and we are working hard to develop new measurement products based on our combined experience, to leverage our global sales and marketing networks, and to integrate our in-house design and manufacturing capabilities.”

Established in 1983,  MDL supplies a range of laser-based, time-of-flight measurement systems used in a wide range of applications worldwide in quarrying, mining, marine positioning, aviation, civil engineering and traffic control.