14th Jul 2014 08:03
LONDON (Alliance News) - TT Electronics PLC said Monday that it has acquired Roxspur Measurement & Control Ltd for an initial consideration of GBP7.5 million in cash, with a further GBP2.5 million payable based on performance targets.
Roxspur supplies temperature, flow, pressure and level sensors. The company said the acquisition will form part of its sensing and control division, and accelerates its strategy to develop its position in industrial markets including process control.
TT Electronics said the acquisition will immediately add to earnings. Roxspur had an operating profit of GBP900,000 on sales of GBP8.2 million in the year to end-June.
"We have a clear strategy to achieve sustainable organic growth and further improve margins. We are actively looking for opportunities to accelerate this organic development with complementary acquisitions, including in industrial sensing and control," said Chief Executive Richard Tyson in a statement.
Shares in TT were trading up 2.1% at 194.92 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Tt Electronics