Halma completes acquisition of Thinketron Precision Equipment

23rd Jan 2013 09:13

Health and environmental technology group Halma has completed the acquisition of Thinketron Precision Equipment Company and its subsidiaries, Baoding Longer Precision Pump Company and Langer Instruments Corporation.The latter, which is based in the US, distrubtues Longer Pump products, which manufactures and markets peristaltic, syringe and gear pumps used in laboratory, medical and industrial applications. The initial cash consideration was around £23.7m, with a deferred consideration of £0.3m, which will be paid on the agreement of the net tangible asset value. Existing management of Longer Pump and LIC will remain in place and will continue to operate the business supported by new board members appointed from within Halma China. The acquisition, which is expected to be immediately earnings enhancing, has been funded from Halma's cash and debt facilities.Andrew Williams, Halma's Chief Executive, said: "Longer Pump's alignment with Halma's growth drivers is strong. Sales of their products are driven by increasing demand for healthcare and healthcare research, as well as the urbanisation and industrialisation within China. "Their significant local market knowledge and technical resources will help our Fluid Technology sub-sector accelerate growth in this important region. "There are also opportunities for Halma to contribute to the growth of Longer Pump, utilising both the network of regional hub offices which Halma has established within China and the worldwide reach of our Fluid Technology businesses."The share price edged 0.37% lower to 454.10p by 09:45.NR