Acquisition of ASL Holdings
15 March 2013
Halma, the leading safety, health and environmental technology group, announces the acquisition of ASL Holdings Limited ('ASL') on 14 March 2013.
ASL, based in Northampton, UK, designs and manufactures machine-to-machine (M2M) communication products which are incorporated into SMART meters for remote data monitoring and a range of other applications in the utility, transport and retail sectors. Unaudited accounts for the year to 31 December 2012 report revenue of £7.1 million.
The cash consideration is £6.5 million with contingent consideration of up to £3.5 million payable if revenues for the two years to 31 March 2015 exceed a pre-determined target. The acquisition, which is expected to be earnings enhancing, was funded from Halma’s existing cash and debt facilities.
ASL will become part of UK-based HWM-Water Limited ('HWM'), which is a global leader in the manufacture of dataloggers and leak detection products for the water industry, within Halma's Environmental & Analysis sector. Existing management will remain in place.
Andrew Williams, Halma's Chief Executive, commented:
"The transaction announced today demonstrates our ability to find and acquire businesses which are complementary with existing Group companies in terms of technologies, markets and growth drivers. ASL will further strengthen HWM's market position within the water industry as well as adding new opportunities to diversify into other markets."
For further information please contact:
Halma plc
Tel: +44 (0)1494 721111
Andrew Williams, Chief Executive
Kevin Thompson, Finance Director
MHP Communications
Tel: +44 (0)20 3128 8100
Rachel Hirst / Andrew Jaques
Notes
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Halma buys successful businesses in safety, health and environmental markets and helps them grow further through investment targeted towards increasing innovation, management development and international expansion. In the past 10 years Halma has spent approximately £400m acquiring 30 businesses with deal sizes ranging from £70m down to below £1m. Although businesses have been acquired in all areas of our activity, the majority of recent acquisitions has been in the Medical and Environmental & Analysis Sectors.
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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.
- Halma's Preliminary Announcement for the year ended 30 March 2013 will be issued on 13 June 2013.
