Halma buys US-based Maxtec in ?15m deal

(Sharecast News) - Health, safety and environmental technology company Halma has acquired Utah-based Maxtec, it announced on Friday.
The FTSE 100 company described Maxtec as a "leader" in the design, manufacture and distribution of oxygen analysis and delivery products in medical and non-medical applications.

It said it specialises in products for respiratory care, including in oxygen sensors and analysers for use in hospital acute care units.

Maxtec would be managed as part of Halma's 'Perma Pure' business, which has medical dehydration products also used in acute care units, and would become part of Halma's medical sector.

Key members of Maxtec's leadership team would remain with the business, the company confirmed, and it would continue to operate in its current facility.

The cash consideration for Maxtec was $20m (?15.3m), on a cash and debt free basis, which would be funded from Halma's existing facilities.

Maxtec's revenue and adjusted EBIT for the 12 months ended 31 March were $20.4m and $1.8m, respectively.

"Maxtec is highly aligned with our purpose, and further extends our presence in diagnostic products and acute healthcare," said group chief executive Andrew Williams.

"It brings technology and a market presence that will accelerate Perma Pure's growth in medical moisture management products and 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."