(Alliance News) - Industrial equipment supplier Judges Scientific PLC said Wednesday it has acquired Moorfield Nanotechnology Ltd, through its subsidiary Quorum Technologies Ltd.
Moorfield Nanotechnology is based in Cheshire, and manufactures physical and chemical vapour deposition insruments used to cover materials with thin films.
Judges Scientific paid GBP2.3 million in cash on the acquisition's completion, funding through its GBP35 million acquisition facility from Lloyds Bank Corporate Markets. The group said it expects to make an additional payment reflecting any excess cash balances over and above the ongoing requirements of the business.
"Moorfield is an excellent company with quality products, which will complement Quorum's pre-eminent capabilities in the coating sector. This cash generative acquisition enhances our earnings and fits within the Judges disciplined growth model," said Chair Alex Hambro.
Shares in Judges Scientific - which is headquartered in London - were down 2.4% at 5,162.00 pence on Wednesday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Judges Scientific (JDG)