Last checked at 11 Jul 2011 09:25
Halma p.l.c. ('Halma')
ACQUISITION OF AVO PHOTONICS, INC
Halma, the leading safety, health and sensor technology group, announces the acquisition of Avo Photonics, Inc ('Avo') on 8 July 2011 from Blaine Hobson, Whitecap Partners, other shareholders and employees for an initial cash consideration of $9.0 million (£5.6 million).
Avo, based in Pennsylvania, USA, designs and manufactures advanced, miniaturised photonic components and subsystems for OEM customers serving a wide range of end-markets. Avo will join Halma's Photonics businesses in the Health and Analysis sector. Avo's senior management will stay with the company after completion.
For the calendar year 2010, Avo had unaudited revenues of $5.7 million (£3.6 million) and profit before tax of $1.0 million (£0.6 million). The acquisition, which is immediately earnings enhancing, has been funded from Halma's existing cash and debt facilities.
Contingent consideration of up to $11.0 million (£6.9 million) is payable to the vendors, based on the growth in profit before tax for the period ending March 2012.
Andrew Williams, Halma's Chief Executive, commented: "Avo recently completed a highly successful collaboration project with Halma's major Photonics business, Ocean Optics, and their addition to the Group will give all of our Photonics businesses access to more advanced technologies and manufacturing processes. Expanding their customer base both inside and outside Halma offers Avo exciting growth opportunities."
For further information please contact: |
Halma p.l.c. Andrew Williams, Chief Executive Kevin Thompson, Finance Director
| +44 (0)1494 721111 | |
MHP Communications Rachel Hirst/Andrew Jaques | +44 (0)20 3128 8100 | |
Notes | ||
1. | A copy of this announcement, together with other information about Halma and its Photonics businesses, may be viewed on its website: www.halma.com. | |
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. | Exchange rate used: $1.60/£1. | |
4. | Halma's next Interim Management Statement will be issued on 28 July 2011. | |