19th Oct 2018 07:54
LONDON (Alliance News) - Health, safety and environmental group Halma PLC said Friday that it has bought Belgian fire control panel manufacturer and fire system seller Limotec bvba for EUR9.3 million on a cash and debt free basis.
"Limotec strengthens our presence in continental Europe, bringing strong brand equity and robust technology to further enable us to capitalise on growth trends in fire detection, including increasing regulation and digitalisation. This acquisition follows our successful acquisition of Advanced Electronics in the UK in 2014 and is a further example of our strategy to acquire regional partners to accelerate growth in our core Fire Detection markets," said Halma's Chief Executive Andrew Williams.
The UK listed safety, health and environmental technology group said Limotec deal was funded from existing facilities and is expected to be earnings enhancing.
The acquired business will become part of Halma's Infrastructure Safety division. In 2017, Limotec recorded revenue of EUR6.7 million.
In September, the hazard detection firm said trading remains in line with board expectations with all units delivering units delivering organic constant currency revenue and profit growth and order intake ahead of the same period last year.
Halma's results for the six months to September 30 will be released on November 20.
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