LONDON (Alliance News) - Avon Rubber PLC Friday said it has bought the Argus thermal imaging camera systems business from e2v technologies PLC for GBP3.5 million in cash.
Argus designs and manufactures thermal imaging cameras for the first responder and fire markets, and made a revenue of GBP5 million in its last financial year. It is based in Chelmsford.
Avon Rubber funded the acquisition from its existing debt facilities.
"Argus is a strategic addition to our fire and first responder product range and we expect the acquisition to be modestly earnings enhancing during the current financial year. The Argus team brings a wealth of technical expertise in this area which will generate longer-term product development opportunities for the Protection & Defence business," Avon Runner Interim Chief Executive Andrew Lewis said in a statement.
e2v technologies said in a separate statement that the disposal is part of its strategy to focus on its core customers, markets and opportunities, as it works to simplify its operations.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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