Last checked at 5 Feb 2020 07:00
Halma, the leading safety, health and environmental technology group, today announces that it has acquired Sensit Technologies, LLC ("Sensit"), a gas leak detection company based in Indiana, USA.
Sensit manufactures equipment and designs technologies that enable natural gas utilities to detect leaks in their pipes, protecting workers in the natural gas distribution industry, ensuring compliance with regulatory standards, and reducing climate change effects by minimising emissions of methane. Their technology is also used in emergency response situations by firefighters facing explosion risk due to leaking natural gas.
Sensit will become part of Halma's Process Safety sector and will continue to be led by its existing management team, who were significant shareholders, from its current location.
The cash consideration for Sensit is US$51.5 million (£39.6 million1), on a cash and debt free basis, which will be funded from Halma's existing facilities. When adjusted for tax benefits with a net present value of approximately US$5 million (£3.8 million), the net initial consideration is approximately US$46.5 million (£35.8 million).
Sensit's unaudited revenue and Adjusted EBIT for the twelve months ended December 2019 were US$25.9 million (£19.9 million) and US$4.4 million (£3.4 million), respectively.
Andrew Williams, Group Chief Executive at Halma, commented:
"Sensit enhances Halma's gas detection capabilities, with its strong market position and technological capabilities in the natural gas leak detection market. Its growth is supported by tightening safety and environmental regulatory standards, which protect communities and workers from hazards, and minimise climate change impacts. We look forward to working with its management team and continuing its strong track record of growth supported by Halma's strategic Growth Enablers."
For further information, please contact:
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Halma plc |
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Andrew Williams, Group Chief Executive | Switchboard: +44 (0)1494 721111 |
Marc Ronchetti, Chief Financial Officer |
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Charles King, Head of Investor Relations | Mobile: +44 (0)7776 685948 |
MHP Communications |
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Rachel Hirst/ Andrew Jaques | +44 (0)20 3128 8771 |
About Halma
Halma is a global group of life-saving technology companies, focused on creating a safer, cleaner and healthier future for people worldwide. Our innovative products and solutions address many of the key issues facing the world today. We operate in four sectors: Process Safety, Infrastructure Safety, Environmental & Analysis and Medical. We employ over 6,000 people in 20 countries, with major operations in Europe, the USA and Asia-Pacific. We target global niche markets where sustainable growth and high returns are supported by long-term drivers. Halma is listed on the London Stock Exchange and is a member of the FTSE 100 index.
Notes
1. US Dollar (US$) values are translated throughout this announcement at a rate of US$1.30: £1
2. This statement is not intended to constitute a profit forecast for the current financial period or for any future period. In addition, this statement should not be taken to mean that the earnings per share of Halma will necessarily match or exceed the historic reported earnings per share of Halma.
3. For more information on Halma's Growth Enablers visit: https://www.halma.com/how-we-grow#page-intro-2