(Alliance News) - Electrical engineering firm Pipehawk PLC said Wednesday it acquired aggregates slip-resistance testing equipment maker Wessex Precision Instruments Ltd for a nominal sum.
Pipehawk will pay GBP1 for Wessex. For the year ended March 31, Wessex reported a GBP61,000 pretax loss on revenue of GBP340,000.
For the year ended June 30, Pipehawk reported a GBP502,000 pretax loss on revenue of GBP4.8 million.
Wessex makes and sell a range of equipment which tests the slip-resistance of aggregates used in public areas, including swimming pools and supermarkets. Pipehawk believes the acquisition will result in a number of cost saving opportunities.
"I am delighted that PipeHawk has acquired Wessex; it has a world class reputation in an area of health and safety that is becoming increasingly prominent," Pipehawk Chair Gordon Watt said. "Wessex will further benefit from PipeHawk's marketing and technological expertise."
Shares in Pipehawk were 5.9% higher at 4.34 pence in London on Wednesday.
By Ahren Lester; ahrenlester@alliancenews.com
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PipeHawk (PIP)