(Sharecast News) - Safety technology maker Halma said it had bought German testing technology firm WEETECH Holding for €57.5m (£50m), on a cash-and debt-free basis.
Founded in 1973 and headquartered in Wertheim, Germany, WEETECH designs and makes safety-critical electrical testing technology, to test the integrity of both high and low voltage electrical systems.
Its products are used in a range of mechanical and electrical engineering industries, including aerospace, avionics, rail and automotive manufacturers.
WEETECH's unaudited revenue for the 12 months to March 31, 2022 was €20.8m (£18m), with return on sales modestly above the upper end of Halma's target range of 18-22%. WEETECH will be led by its current management team and operate as a standalone company within Halma's Safety sector, Halma said on Thursday.
Reporting by Frank Prenesti at Sharecast.com
Halma (HLMA)
