Acquisition

RNS Number : 3812U

Halma PLC

28 March 2023

 

Halma plc ('Halma' or the 'Group')

Acquisition

Halma, the global group of life-saving technology companies focused on growing a safer, cleaner and healthier future for everyone every day, today announces that it has acquired FirePro.

FirePro is a leading designer and manufacturer of aerosol-based fire suppression systems. Its systems protect people, critical infrastructure and equipment from fire using a non-pressurised condensed aerosol technology which does not contain ozone depleting substances or fluorinated greenhouse gases and extinguishes fire without causing damage to the environment. Further information on FirePro is given in the note at the end of this announcement.

The consideration for FirePro is €150m (approximately £132m) on a cash- and debt-free basis. FirePro's unaudited revenue for the 12 months to 31 December 2022 was €23.3 m (approximately £21m), with Return on Sales more than double Halma's target range of 18-22%. The consideration will be paid in cash and funded from Halma's existing facilities. FirePro will operate as a standalone company within Halma's Safety sector and continue to be led by its current management team.

Andrew Williams, Group Chief Executive of Halma, commented:

"The acquisition of FirePro represents a valuable addition to our portfolio of fire detection and suppression solutions. Its technologies provide a sustainable alternative to established pressurised gas fire suppression solutions. There are strong opportunities for growth in its existing market niches, driven by higher regulatory standards, and the adoption of new technologies for renewable energy are creating new opportunities for growth. We are delighted to welcome FirePro to Halma and look forward to working with the team to expand FirePro's global impact."

Avgoustinos Avgousti, Managing Director, FirePro, said:

"FirePro's success and growth has been built on creating fire safety solutions which protect people and the environment. By joining Halma, we gain access to new capabilities and collaborative opportunities with a global group of businesses which is aligned with FirePro's purpose of protecting human life."

For further information, please contact:

Halma plc

Andrew Williams, Group Chief Executive                             [phone]

Marc Ronchetti, Group Chief Executive Designate

Steve Gunning, Chief Financial Officer

Charles King, Head of Investor Relations                              [phone]

Clayton Hirst, Director of Corporate Affairs  [phone] 

MHP

Simon Hockridge / Rachel Farrington / Ollie Hoare              [phone] / 8613 / 8276

A copy of this announcement, together with other information about Halma, is available at www.halma.com.

About Halma

Halma is a global group of life-saving technology companies, focused on growing a safer, cleaner, healthier future for everyone, every day.

Its purpose defines the three broad market areas where it operates:

· Safety: protecting life as populations grow and protecting worker safety.

· Environment: addressing the impacts of climate change, pollution and waste, protecting life-critical resources and supporting scientific research.

· Health: meeting rising healthcare demand as growing populations age and lifestyles change.

It employs over 7,000 people in more than 20 countries, with major operations in the UK, Mainland Europe, the USA and Asia Pacific. Halma is listed on the London Stock Exchange (LON: HLMA) and is a constituent of the FTSE 100 index.

For the past three years Halma has been named one of Britain's Most Admired Companies by Management Today.

For more information: www.halma.com

Further information on FirePro

Founded in 1996, FirePro designs, manufactures and distributes fire suppression systems based on a condensed aerosol technology, using a naturally occurring potassium salt which poses no threat to the environment once activated. Its products are manufactured with materials that, at the end of their useful lifetime, can be recycled or re-used without waste. They are ozone-friendly, contain no CFCs, bear the Green Label Certificate and are listed as an acceptable agent in the EPA-SNAP Listed (Significant New Alternative Policy) in the US.

FirePro's products have been installed in over 110 countries and the company has distribution partners in 94 countries. Its customers operate in a broad range of sectors, including transport, manufacturing, healthcare, energy and communications, and include companies such as Samsung, Pfizer, Eurostar and Glencore. FirePro holds 12 registrations from 10 globally recognised certification bodies and it holds a number of patents for technologies employed in its fire suppression systems.

FirePro's headquarters are in Limassol, Cyprus, and it employs 90 people.

Further information on FirePro is available at www.firepro.com

 

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