Acquisition

RNS Number : 1449Y

Halma PLC

17 December 2010

 



Halma p.l.c. ('Halma') ACQUISITION OF ACCUDYNAMICS, INC Halma, the leading safety, health and sensor technology group, today announces the acquisition of Accudynamics, Inc. ('ADI') on 16 December 2010 for an initial cash consideration of $24.0 million (£15.2 million). ADI is a privately owned business based in Lakeville, Massachusetts, USA and manufactures components primarily for the medical diagnostic system and device markets. Their bespoke products include pumps, fluid handling components and integrated electromechanical assemblies which transport fluids inside their customers' products. ADI will join Halma's Health and Analysis sector within the Fluid Technology group of businesses. Unaudited adjusted accounts for the financial year ended June 2010 show operating profit of $3.7 million (£2.3 million). The initial cash consideration is adjustable $1 for $1 if the completion accounts demonstrate net tangible assets above or below $3.6m (£2.3m). A further $7 million (£4.4 million) is payable based on earnings growth for the period 1 July 2010 to 31 March 2011. The acquisition, which is immediately earnings enhancing, has been funded from Halma's existing cash and debt facilities. Andrew Williams, Halma's Chief Executive, commented: "ADI is a logical extension of our Fluid Technology sub-sector, enabling us to offer OEM customers integrated sub-assemblies incorporating components from different Halma companies. Following our recent acquisition of Alicat Scientific in November, we have a strong offering for customers requiring precision fluid control in the scientific and medical diagnostic market segments." For further information please contact:

Halma p.l.c. Andrew Williams, Chief Executive Kevin Thompson, Finance Director		[phone]
MHP Communications Rachel Hirst/Andrew Jaques		[phone]
Notes
1.	A copy of this announcement, together with other information about Halma, may be viewed on its website:  www.halma.com.
2.	This statement is not intended to constitute a profit forecast for the current financial period or for any future period.  In addition, this statement should not be taken to mean that the earnings per share of Halma will necessarily match or exceed the historic reported earnings per share of Halma.
3.	Exchange rate used:  $1.58/£1.

 

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