Halma PLC
27 November 2006
Halma p.l.c. ('Halma')
ACQUISITION OF TRITECH and SYSTEM TECHNOLOGIES
Halma, the leading safety, health and sensor technology group, announces the
completion on 24 November 2006 of the acquisition of Tritech Holdings Limited
('Tritech') from R J Marsh and R K Wright for an initial cash consideration of
£8.0 million. Simultaneously, Halma completed the acquisition of Swift (943)
Limited (trading as 'System Technologies'), Tritech's design and product
manufacturing partner, from M St E Cardew, S E St E Cardew, J P N Trepte and A G
Trepte for an initial consideration of £2.0 million.
Audited accounts for the year 2005, report revenues of £5.4 million if
calculated on a consolidated basis and combined profits of £1.1 million. The
combined net assets being acquired are approximately £4m including £1.3m cash.
Unaudited accounts for the half-year to June 2006 indicate encouraging levels of
growth with combined profits totalling £0.9 million after adjusting for non-
recurring items.
Deferred purchase consideration of up to £4.5 million is payable to the vendors
based on profit before tax for the periods ending November 2007 and November
2008 exceeding pre-determined targets.
The acquisition, which is immediately earnings enhancing in the current
financial year, has been funded from Halma's existing cash and debt facilities.
Tritech, based in Aberdeen, UK, designs and manufactures underwater asset
monitoring equipment serving, principally, the petrochemical and homeland
security sectors. Their underwater positioning and sonar technology instruments
are most often fitted to remotely operated vehicles with a variety of
applications. These include underwater pipeline leak detection, pipeline
inspection, underwater construction, infrastructure maintenance and diver,
vessel and harbour protection. Tritech is a recipient of both the Queen's Award
for Innovation and Export Achievement.
Andrew Williams, Halma's Chief Executive, commented 'Tritech increases Halma's
presence in the growing energy and homeland security markets bringing both new
technologies and some which are complementary to our existing asset monitoring
businesses. It is an excellent addition to our Industrial Safety business and
broadens our future growth opportunities.'
For further information please contact:
Halma p.l.c. +44 (0)1494 721111
Andrew Williams, Chief Executive
Kevin Thompson, Finance Director
Hogarth Partnership Limited +44 (0)20 7357 9477
Rachel Hirst/Andrew Jacques
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 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 and no forecast is intended or implied.
This information is provided by RNS
The company news service from the London Stock Exchange
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