Halma Share News (HLMA)

(Sharecast News) - Safety, health and environmental technology group Halma has acquired US gas leak detection company Sensit Technologies for $51.5m (£39.6m) in cash.
Indiana-based Sensit makes equipment and designs technologies that enable natural gas utilities to detect leaks in their pipes, protecting workers in the natural gas distribution industry, ensuring compliance with regulatory standards, and reducing climate change effects by minimising emissions of methane.

Sensit will become part of Halma's Process Safety sector and will continue to be led by its existing management team, who were significant shareholders, from its current location.

For the year to the end of December, Sensit's unaudited revenue and adjusted earnings before interest and tax were $25.9m and $4.4m, respectively.

Chief executive Andrew Williams said: "Sensit enhances Halma's gas detection capabilities, with its strong market position and technological capabilities in the natural gas leak detection market. Its growth is supported by tightening safety and environmental regulatory standards, which protect communities and workers from hazards, and minimise climate change impacts."

At 1105 GMT, shares were up 2.9% at 2,237p.