(Alliance News) - Halma PLC on Friday said it has acquired respiratory care products manufacturer & distributor Maxtec LLC for USD20 million on a cash and debt free basis.
The hazard detection & life protection firm said that Maxtec - which is based in the US state of Utah - will be managed as part of Halma's Perma Pure business and will become part of the company's medical sector.
It added that key members of Maxtec's leadership team will remain in the business. The acquisition will be funded from Halma's existing facilities, it said.
For its financial year to the end of March 2019, Maxtec recorded revenue of USD20.4 million and adjusted earnings before interest, tax, depreciation and amortisation of USD1.8 million.
"Maxtec is highly-aligned with our purpose, and further extends our presence in diagnostic products and acute healthcare. It brings technology and a market presence that will accelerate Perma Pure's growth in medical moisture management products, said Halma Chief Executive Andrew Williams.
"It also adds a new niche in oxygen analysis and delivery products, where growth is being driven by ageing populations and the increasing prevalence of heart and respiratory conditions. I am delighted to welcome Maxtec to the Halma group of companies and look forward to supporting its future development," he added.
FTSE 100-listed Halma shares up 0.5% on Friday morning in London at 2,227.00 pence each.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Halma (HLMA)