6th Oct 2022 09:47
(Alliance News) - Halma PLC on Thursday said it has bought Weetech Holding GmbH for EUR57.5 million in cash, to be funded from existing facilities.
"Weetech designs and manufactures safety-critical electrical testing technology, to test the integrity of both high and low voltage electrical systems," the Buckinghamshire-based safety equipment maker explained.
Halma said modular products of the Germany-based company are used in a range of mechanical and electrical engineering industries, including aerospace, avionics, rail and by Tier 1 automotive manufacturers.
Chief Executive Andrew Williams said: "Weetech brings new opportunities for growth in electrical safety, driven by increasing safety needs and greater regulation. Their technology will play an important supporting role in addressing key issues such as growing urbanisation, the challenge of energy transition and the adoption of more efficient modes of transport, such as mass transit systems and electric vehicles."
For financial 2022, Weetech generated revenue of EUR20.8m, with return on sales modestly above the upper end of Halma's target range of 18% to 22%.
Halma shares were up 0.5% at 2,151.00 pence each on Thursday morning in London.
By Xindi Wei; [email protected]
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