(Alliance News) - Halma PLC said on Monday it has acquired a lighting company for its environmental & analysis sector business, Ocean Insight.
The Amersham, England-based safety equipment group acquired International Light Technologies Inc, a Massachusetts-based developer of technical lighting sources and light measurement systems, for USD26.6 million, or GBP19.5 million. The amount was on a cash and debt-free basis, to be paid out in cash from Halma's existing reserves.
ILT brought in USD9.9 million in continuing operations revenue, and earnings before interest & tax of USD2.7 million in its financial 2021.
"ILT's focus on the generation and measurement of light is highly aligned with Ocean Insight's mission to use the measurement of light to expand scientific discovery, reduce waste and improve the quality of life. ILT's products and services will bring complementary capabilities and technologies to Ocean Insight, allowing it to serve a greater range of customer needs," said Chief Executive Andrew Williams.
Halma shares were trading down 0.4% at 2,277.90 pence each in London on Monday morning.
By Elizabeth Winter; elizabethwinter@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Halma (HLMA)