Halma PLC
15 September 2000
HALMA ACQUIRES FURTHER LEAK REDUCTION EXPERTISE
The Directors of Halma p.l.c., the leading safety and environmental technology
group, announce that on Thursday 14 September 2000, the Group completed the
purchase of the whole of the issued share capital of Wessex Electronics
Consultants Limited ('Wessex').
Wessex, based in Hampshire, makes software and equipment for leakage reduction
for the UK water industry. Their key products are water flow and pressure
loggers plus pressure control devices. Leakage control comprises three
elements; data logging, pressure control and leak detection. Wessex products
are complementary to those of Palmer Environmental, the Halma Group's
world-leading water leak detection business, so Wessex will benefit from
closer links to Palmer as well as to Hydreka, Halma's leading supplier of
continuous monitoring and data analysis systems to the French water industry.
Audited accounts for the year ended 31 March 2000 show sales of £1,429,000 and
profit after taxation of £421,000. The consideration is £2,000,000 payable in
cash on completion plus up to £1,730,000 payable in loan notes if performance
targets are met in the period up to 31 March 2002.
Stephen O'Shea, Halma's Chief Executive, commented 'Buying Wessex is part of
our strategy of expanding from the foundation of the leak localisation and
pin-pointing business of Palmer Environmental. The purchase of Wessex now and
Hydreka in March 2000 extends the Group's capabilities to include pressure
control in water pipes, flow measuring and analysis. Halma companies now
offer the widest product range available to water companies for leak
minimisation. The acquisition builds on the existing unique technical
expertise of our water related businesses and will be of value to water
utilities across the world.'
Enquiries: Stephen O'Shea
Chief Executive, Halma p.l.c.
Tel: +44 (0)1494 721111
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