Halma acquires Tritech for £8-12.5 million, Swift for 2£ million

Published 27 November 2006

U.K.-based sensor technology specialist acquires two Singapore-based companies — underwater sonar firm Tritech and its design and manufacturing partner Swift; acquisiton will help Halma strengthen its position in the homeland sceucity and petrchemical markets

Amersham, Bucks, U.K.-based Halma PLC, a safety, health, and sensor technology specialist, has acquired Singapore-based privately owned Tritech Holdings for an initial £8 million in cash, with a deferred £4.5 million payable if 2007 and 2008 pretax profits exceed specified targets. The firm also said that it has bought Swift Ltd (trading as System Technologies), Tritech’s design and product manufacturing partner, for £2 million.

Tritech designs and manufactures underwater and sonar equipment for petrochemical and homeland security. The company had combined profits of £1.1 million on consolidated revenues of £5.4 million in the financial year 2005. Combined net assets are about £4 million, including £1.3 million in cash. The acquisition, which Halma said is immediately earnings enhancing in the current financial year, has been funded from Halma’s existing cash and debt facilities.

Andrew Williams, Halma’s chief executive, said: “Tritech increases Halma’s presence in the growing energy and homeland security markets, bringing both new technologies and some which are complementary to our existing asset monitoring businesses. It is an excellent addition to our Industrial Safety business and broadens our future growth opportunities.”

-read more in this news release