8th Feb 2007 10:56
Halma PLC08 February 2007 Halma p.l.c. ('Halma') ACQUISITION OF LABSPHERE, INC Halma, the leading safety, health and sensor technology group, announces thecompletion on 7 February 2007 of the acquisition of Labsphere, Inc ('Labsphere')from X-Rite, Inc for an initial cash consideration of $13.9 million (£7.0million) and deferred cash consideration of $1.5 million (£0.8 million) pendingthe finalisation of the completion accounts. If the completion accounts to 31December 2006 demonstrate net tangible assets below $8 million (£4.1 million),the deferred consideration is adjustable $1 for $1. Unaudited accounts for the calendar year 2006 show revenues of $12.5 million(£6.3 million) and operating profit of $2.4 million (£1.2 million). The acquisition, which is immediately earnings enhancing, has been funded fromHalma's existing cash and debt facilities. Labsphere, based in North Sutton, New Hampshire, USA, is a world leader in thedesign and manufacture of innovative light testing and measurement products andspecialised optical coatings. These high quality devices and materials are usedby a wide range of end users, including government and commercial organisationsfor testing, measuring and calibrating optoelectronic devices against widelyaccepted National Standards of performance, to conform with regulations or drivetechnical advances. Andrew Williams, Halma's Chief Executive, commented, "Labsphere enhances Halma'spresence in the growing photonics market and complements our existing businesseswhere technical and marketing collaboration opportunities exist. Together withOcean Optics, Halma now has two leading companies in this exciting market wherewe are well placed to grow organically and through further acquisitions." For further information please contact: Halma p.l.c. +44 (0)1494 721111 Andrew Williams, Chief Executive Kevin Thompson, Finance Director Hogarth Partnership Limited +44 (0)20 7357 9477 Rachel Hirst/Andrew Jaques Notes 1. A copy of this announcement, together with other information about Halma, may be viewed on its website: www.halma.com. 2. This statement is not intended to constitute a profit forecast for the current financial period or for any future period. In addition, this statement should not be taken to mean that the earnings per share of Halma will necessarily match or exceed the historic reported earnings per share of Halma. 3. Exchange rate used: $1.97/£1. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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