Acquisition of SphereOptics, LLC
22 January 2010
Halma, the leading safety, health and sensor technology group, announces the acquisition of SphereOptics, LLC ('SphereOptics') on 19 January 2010 from current management and financial shareholders for an initial cash consideration of $2.5 million (£1.5 million).
SphereOptics, based in New Hampshire, USA, manufactures and distributes precision products for use in light metrology applications. SphereOptics will be merged with Labsphere, Inc, a Photonics business, also based in New Hampshire, within Halma's Health and Analysis sector.
For the calendar year 2009, SphereOptics had unaudited revenues of $4.3 million (£2.6 million) and gross assets of $1.8 million (£1.1 million). The acquisition, which is immediately earnings enhancing, has been funded from Halma's existing cash and debt facilities.
Deferred purchase consideration of up to $3.5 million (£2.1 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:
"The combination of SphereOptics and Labsphere further strengthens our position as a market leader in light metrology and continues our strategy of increasing our presence within the growing Photonics market sector."
For further information, please contact:
Andrew Williams, Chief Executive, Tel +44 (0)1494 721111.
Kevin Thompson, Finance Director, Tel +44 (0)1494 721111.
Hogarth Partnership Limited, Rachel Hirst/Andrew Jaques, Tel +44 (0)20 7357 9477.
