Last checked at 10 May 2011 09:00
Halma p.l.c. ('Halma')
ACQUISITION OF KIRK KEY INTERLOCK COMPANY, LLC
Halma, the leading safety, health and sensor technology group, today announces the acquisition of Kirk Key Interlock Company, LLC ("Kirk Key"), on 9 May 2011, from Owens Holdings, LLC and a number of private individuals for cash consideration of $14.7 million (£9.0 million) (note 3).
Kirk Key is based in Massillon, Ohio, USA and manufactures and sells key interlocks and key interlock systems for the protection of personnel and equipment. Kirk Key will join Halma's Safety Interlock businesses within the Industrial Safety reporting sector. Unaudited accounts for the year to end of December 2010 report revenue of $8.1 million (£4.9 million).
The acquisition, which is immediately earnings enhancing, has been funded from Halma's existing cash and debt facilities.
Andrew Williams, Halma's Chief Executive, commented: "Kirk Key is the company synonymous with switchgear interlocking in the USA. This acquisition gives Halma greater market strength in the US and will also enable us to re-direct resources onto pursuing growth in other regions."
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 | +44 (0)20 3128 8100 | |
Notes | ||
1. | A copy of this announcement, together with other information about Halma, 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. | The consideration is adjustable $1 for $1 if the completion accounts demonstrate net tangible assets above or below $2.3 million (£1.4 million). | |
4. | Exchange rate used: $1.64/£1. | |