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(Alliance News) - Halma PLC on Wednesday said it has acquired Thermocable Flexible Elements Ltd for an initial consideration of GBP22 million on a cash- and debt-free basis, funded from its existing facilities.
The Buckinghamshire-based safety equipment manufacturer said the acquisition is for its fire detection subsidiary, Apollo Fire Detectors Ltd.
The company said Thermocable reported revenue for the year ended March 31 2022 was GBP6.3 million, with return on sales "substantially above the upper end of Halma's target range of 18-22%".
Thermocable is a Bradford, UK-based linear heat detector developer and manufacturer. LHD's are temperature sensitive cables which trigger an alert when a rise in temperature is detected.
Chief Executive Officer Andrew Williams said: "Thermocable's specialist technologies will further enhance Apollo's existing strengths in fire detection and alarm systems for industrial and commercial customers.
"They will enable Apollo to address a greater range of customer needs in niche applications for a variety of sectors such as urban infrastructure and transportation, logistics, natural resources and emerging applications in renewable power generation."
Halma shares were up 2.6% trading at 2,203.60 pence per share on Wednesday morning in London.
By Harvey Dorset, Alliance News reporter
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