Last checked at 9 Oct 2015 07:00
Strictly embargoed until 07:00 Friday 9th October 2015
AVON RUBBER p.l.c. ("Avon", the "Group" or the "Company")
Acquisition of the Argus thermal imaging camera business from e2v technologies plc
Avon is pleased to report the acquisition of the trade and assets of the "Argus" thermal imaging camera business of e2v technologies (UK) Limited, a subsidiary of e2v technologies plc, for £3.5million in cash. The acquisition was funded from existing debt facilities.
Based in Chelmsford, UK, Argus is a leading designer and manufacturer of thermal imaging cameras for the first responder and fire markets. As part of a division of e2v technologies plc, Argus does not produce stand alone audited accounts, however revenue in their last financial year was approximately £5million.
Commenting, Andrew Lewis, Interim Chief Executive Officer, said:
"Argus is a strategic addition to our fire and first responder product range and we expect the acquisition to be modestly earnings enhancing during the current financial year. The Argus team brings a wealth of technical expertise in this area which will generate longer term product development opportunities for the Protection & Defence business."
For further enquiries, please contact:
Avon Rubber p.l.c. | |
Andrew Lewis, Interim Chief Executive Officer | 01225 896830 |
Sarah Matthews-DeMers, Associate Group Finance Director | 01225 896835 |
Weber Shandwick Financial | |
Nick Oborne | 020 7067 0700 |
Note to editors: The Group has transformed itself over the past five years into an innovative design and engineering group specialising in two core markets, Protection & Defence and Dairy. With a strong emphasis on research and development we design, test and manufacture specialist products from a number of sites in the US and UK, serving markets around the world. We achieve this through nurturing the talent and aspirations of our employees to realise their highest potential.
Avon Protection is the recognised global market leader in advanced Chemical, Biological, Radiological and Nuclear (CBRN) respiratory protection systems technology for the world's military, homeland security, first responder, fire and industrial markets. With an unrivalled pedigree in mask design dating back to the 1920's, Avon Protection's advanced products are the first choice for Personal Protective Equipment (PPE) users worldwide and are placed at the heart of many international defence and tactical PPE deployment strategies. Our expanding global customer base now includes military forces, civil and first line defence troops, emergency service teams and industrial, marine, mineral and oil extraction site personnel. All put their trust in Avon's advanced respiratory solutions to shield them from every possible threat.
Our world-leading Dairy business and its Milkrite brand have a global market presence. With a long history of manufacturing liners and tubing for the dairy industry, Milkrite has become the leading innovator and designer for products and services right at the heart of milking. Our goal is always to improve and maintain animal health. Working with the leading scientists and health specialists in the global dairy industry we continue to invest in technology to further improve the milking process and animal welfare. Our products provide exceptional results for both the animal and the milker, making the milk extraction process run smoothly. As our market share and milking experience continue to grow, so does our global presence.
For further information please visit the Group's website www.avon-rubber.com