(Sharecast News) - Safety equipment and life-saving tech group Halma has announced the acquisition of Somerset-based MK Test Systems for £44m.
MK Test was founded in 1990 and makes safety-critical electrical testing technology used in high voltage electrical systems in aerospace, rail and commercial EV industries.
The company generated revenues of £12.4m and achieved return on sales "substantially above the upper end of Halma's target range of 18-22%", Halma said in a statement.
The deal, which was made a on a cash- and debt-free basis, will be funded from Halma's existing facilities.
"MK Test further enhances our capabilities in electrical safety and brings new opportunities for growth, driven by increasing safety regulation and the need to protect high value assets. Its technology plays an important role in automated electrical testing and in ensuring the integrity of electrical systems," said Halma chief executive Marc Ronchetti.
"We are delighted to welcome MK Test and to support its development as it continues to scale its business globally."
Halma's stock was up 0.3% at 2,214p by 0837 BST.
Halma (HLMA)