Xeros Tech Share News (XSG)

LONDON (Alliance News) - Xeros Technology Group PLC jumped over 10% Thursday as it acquired US-based firefighter personal protection equipment services firm Gloves Inc for up to USD1.1 million.

Shares in Xeros were trading 11% higher at 163.00 pence in morning trade.

Xeros - a developer of polymer-based technologies - acquired Gloves for an initial USD800,000. Up to a further USD300,000 will be payable on the achievement of certain growth targets.

The initial cash consideration was funded through its existing resources.

In 2017, Glove generated earnings before interest, taxes, depreciation and amortisation of USD360,000 on revenue of USD990,000.

The annual value of the firefighter personal protection equipment cleaning market is estimated to be around USD330 million. Xeros noted the outsourcing market for such cleaning services was growing as a result of an "increasingly stringent US regulatory environment".

"Our acquisition of Gloves is the next step in bringing the transformational benefits of our technology to the entire US firefighter PPE market," Xeros Chief Executive Mark Nichols said. "The learning and competence which we are now acquiring will be the platform from which we can make our technology available on a global basis for a number of high performance workwear markets."

Gloves will join the high performance workwear unit at Xeros, trading under the brand name MarKen with immediate effect.