UK technology firm acquires US diagnostics company
Wed, 22 Dec 2010 | BUSINESS NEWS
A Buckinghamshire-based technology company has acquired an American diagnostics company in a takeover bid worth £15.2 million.
Halma, a safety, health and sensor technology firm located in Amersham, purchased the Lakeville, Massachusetts-based firm Accudynamics Inc (ADI) earlier this week, giving rise to the prospect of new medical sales jobs in the UK.
Previously privately-owned, ADI specialises in the development and manufacture of bespoke pumps, integrated electromechanical assemblies and fluid handling components.
Halma hopes to leverage this speciality and open up new opportunities in the medical diagnostic system and device markets.
Andrew Williams, Halma's chief executive, said that the acquisition was a 'logical extension' of their operations.
He said, “We have a strong offering for customers requiring precision fluid control in the scientific and medical diagnostic market segments.”
Halma funded the acquisition through its existing cash and debt facilities. If the completion accounts demonstrate net tangible assets above or below £2.3 million, the deal value is adjustable. Based on earnings growth between 1 July 2010 and 31 March 2011, a further £4.4 million is payable.
The unaudited adjusted accounts for ADI for the year to the end of June reveal that it had an operating profit of £2.4 million.
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