Last checked at 6 Oct 2022 07:00
Halma plc ('Halma' or the 'Group')
Acquisition
Halma, the global group of life-saving technology companies focused on growing a safer, cleaner and healthier future for everyone every day, today announces that it has acquired WEETECH Holding GmbH (WEETECH).
Founded in 1973 and headquartered in Wertheim, Germany, WEETECH designs and manufactures safety-critical electrical testing technology, to test the integrity of both high and low voltage electrical systems. Their modular products are used in a range of mechanical and electrical engineering industries, including aerospace, avionics, rail and by Tier 1 automotive manufacturers.
The consideration for WEETECH is €57.5m (approximately £50m), on a cash- and debt-free basis, and will be paid in cash and funded from Halma's existing facilities. WEETECH's unaudited revenue for the 12 months to 31 March 2022 was €20.8m (approximately £18m), with Return on Sales modestly above the upper end of Halma's target range of 18-22%. WEETECH will be led by its current management team and operate as a standalone company within Halma's Safety sector.
Andrew Williams, Group Chief Executive of Halma, commented:
"We are delighted to welcome WEETECH to Halma and look forward to supporting their future development through our Growth Enablers. WEETECH brings new opportunities for growth in electrical safety, driven by increasing safety needs and greater regulation. Their technology will play an important supporting role in addressing key issues such as growing urbanisation, the challenge of energy transition and the adoption of more efficient modes of transport, such as mass transit systems and electric vehicles."
Bernd Hartlein, Co-Chief Executive Officer of WEETECH said:
"Transporting people and goods causes one-fifth of global carbon emissions. As consumers seek to reduce their carbon footprint, they are embracing electric mobility. This transition means that cars, planes, buses, trains and other electrical equipment will use more high voltage electricity. By joining Halma, WEETECH can protect even more workers in dangerous testing environments around the world. Together, we're committed to solving the big problems of our time, reducing the impacts of climate change and ensuring people's safety."
For further information, please contact:
Halma plc
Andrew Williams, Group Chief Executive +44 (0)1494 721111
Marc Ronchetti, Group Chief Executive Designate and Chief Financial Officer
Charles King, Head of Investor Relations +44 (0) 7776 685948
Clayton Hirst, Director of Corporate Affairs +44 (0) 7384 796 013
MHP Communications
Andrew Jaques / Rachel Farrington +44 (0)20 3128 8572
A copy of this announcement, together with other information about Halma, is available at www.halma.com.
About Halma
Halma is a global group of life-saving technology companies, focused on growing a safer, cleaner, healthier future for everyone, every day.
Its purpose defines the three broad market areas where it operates:
· Safety: protecting life as populations grow and enhancing worker safety.
· Environment: improving food and water quality, and monitoring air pollution.
· Health: meeting rising healthcare demand as growing populations age and lifestyles change.
It employs over 7,000 people in more than 20 countries, with major operations in the UK, Mainland Europe, the USA and Asia Pacific. Halma is listed on the London Stock Exchange (LON: HLMA) and is a constituent of the FTSE 100 index.
For the past three years Halma has been named one of Britain's Most Admired Companies by Management Today.
For more information www.halma.com
Further information on WEETECH
Further information on WEETECH can be found at https://www.weetech.de/en/ .
Notes:
1. Euro values are translated at an exchange rate of £1:€1.14.
2. Since 2016, WEETECH had been owned by funds advised by PINOVA Capital.