7th Oct 2014 06:35
LONDON (Alliance News) - Technical products group Diploma PLC Tuesday said it has struck a deal to buy 80% of Technopath Distribution for an undisclosed sum.
Diploma said the deal also includes put and call options allowing the company to acquire the remaining 20% of the company over the next five years.
TPD supplies products to the biotechnology, clinical laboratory and medical markets in the UK. It reported revenues in the year to August 31 of around GBP12 million, Diploma said.
Diploma said it expects the deal to be immediately earnings accretive.
Bruce Thompson, chief executive of Diploma, said the deal "extends the scope of the group's Healthcare businesses into the markets of Ireland and the UK, as well as adding important new products and suppliers."
"It is a good fit with our existing Canadian and Australian Healthcare businesses and opens up further growth opportunities," Thompson added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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