6th Oct 2015 06:33
LONDON (Alliance News) - FTSE 250-listed safety, heath and environmental technology group Halma PLC on Tuesday said it has spent USD110.0 million to acquire US-based fire detection and suppression systems maker Firetrace USA LLC.
Halma said Firetrace is based in Scottsdale, Arizona and designs and manufacturers automatic fire detection and suppression products for small enclosed environments. Firetrace will continue to operate from its existing facility and its management team will remain in place following the acquisition.
For the year to the end of December 2014, Firetrace delivered a pretax profit of USD18.1 million on revenue of USD49.2 million.
Halma said it is paying cash from its existing facilities for the acquisition.
Halma said Firetrace will be integrated into its Infrastructure Safety arm, which includes units designing and manufacturing flame and smoke detectors and fire detection systems.
"Firetrace further extends Halma's product offering within the fire protection industry, adding fire suppression to our market leading fire detection capabilities. This transaction also demonstrates our ability to continue to find and acquire high quality businesses, with complementary technologies, operating within our existing market sectors," said Halma Chief Executive Andrew Williams.
By Sam Unsted; [email protected]; @SamUAtAlliance
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