25th Jan 2016 08:57
LONDON (Alliance News) - Israel-based technology company BATM Advanced Communications Ltd said on Monday it has agreed to acquire Green Lab Hungary Engineering Ltd, increasing its presence in Hungary where it already owns steralisation unit operations.
BATM said the acquisition of the analytical equipment distributor would cost USD3.8 million, payable over a three-year period, and would provide an intensive network for its products. It said Green Lab's distribution network would also allow for growth in Romania and at its Hungary ECO Unit, which focuses on agri-business applications.
Founder and CEO of Green Lab Judit Jeney will join the BATM management team.
"We are pleased to have acquired Green Lab and welcome them to the group. They have a tremendous amount of expertise and enjoy an excellent reputation in the industry," said Chief Executive Zvi Marom.
"We believe that Green Lab will contribute both to the distribution business of BATM group in the Commonwealth of Independent States countries and to our growing business in the ECO environment. We look forward to working together to enhance both companies' activities for the benefit of the Group," he added.
BATM shares were untraded on Monday morning, having last traded at 16.00 pence.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Batm Advanced