5th Feb 2020 08:45
(Alliance News) - Halma PLC said Wednesday it has acquired Indiana-based gas leak detection firm Sensit Technologies for USD52.5 million on a cash and debt free basis.
Sensit manufactures equipment which allows natural gas utilities to detect leaks in their pipes, as well as firefighters who face the risk of explosions due to leaking gas.
On acquisition, Sensit will become part of Halma's Process Safety sector and continue to be led by its existing management team.
For 2019, Sensit reported adjusted earnings before interest and taxes at USD4.4 million, on revenue of USD25.9 million.
"Sensit enhances Halma's gas detection capabilities, with its strong market position and technological capabilities in the natural gas leak detection market. Its growth is supported by tightening safety and environmental regulatory standards, which protect communities and workers from hazards, and minimise climate change impacts, said Chief Executive Andrew Williams.
Shares in Halma - which is based in Amersham, UK - were up 1.7% at 2,210.00 pence on Wednesday in London.
By Dayo Laniyan; [email protected]
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