Halma plc Acquires ASL Holdings
Halma, the leading safety, health and environmental technology group, announces the acquisition of ASL Holdings Limited ('ASL') on 14 March 2013.
ASL, based in Northampton, UK, designs and manufactures machine-to-machine (M2M) communication products which are incorporated into SMART meters for remote data monitoring and a range of other applications in the utility, transport and retail sectors. Unaudited accounts for the year to 31 December 2012 report revenue of £7.1 million.
The cash consideration is £6.5 million with contingent consideration of up to
£3.5 million payable if revenues for the two years to 31 March 2015 exceed a pre-determined target. The acquisition, which is expected to be earnings enhancing, was funded from Halma's existing cash and debt facilities.
ASL will become part of UK-based HWM-Water Limited ('HWM'), which is a global leader in the manufacture of dataloggers and leak detection products for the water industry, within Halma's Environmental & Analysis sector. Existing management will remain in place.
Andrew Williams, Halma's Chief Executive, commented:
"The transaction announced today demonstrates our ability to find and acquire businesses which are complementary with existing Group companies in terms of technologies, markets and growth drivers. ASL will further strengthen HWM's market position within the water industry as well as adding new opportunities to diversify into other markets."