21st Nov 2023 12:25
(Alliance News) - Light Science Technologies Holdings PLC on Tuesday said it will buy the trade and assets of Injecta Fire Barrier from Fire Barrier International Ltd's Chief Executive Simon Deacon for an undisclosed amount.
Light Science Technologies is a Derby, England-based plant monitoring solutions developer. It said the acquisition will be cash generative and underpins "wider investment opportunities" for the company.
Light Science said IFB will be integrated into its newly incorporated subsidiary LSTH IFB Ltd.
IFB has developed a fire-resistant graphite barrier system, known as Injectaclad, which is used to contain the spread of fire and smoke within buildings.
Light Science Chief Executive Officer Simon Deacon said: "We believe that with our knowledge in the industry and our installation teams across the group, this new division, in a growing market with high demand, resolves a significant problem quickly and cost effectively - and more importantly keeps people safe."
Shares in Light Science were up 2.9% at 3.04 pence each in London on Tuesday morning.
By Sabrina Penty, Alliance News reporter
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