Halma plc (LON:HLMA), the global group of life-saving technology companies focused on growing a safer, cleaner and healthier future for everyone every day, has announced that it has acquired WEETECH Holding GmbH.
Founded in 1973 and headquartered in Wertheim, Germany, WEETECH designs and manufactures safety-critical electrical testing technology, to test the integrity of both high and low voltage electrical systems. Their modular products are used in a range of mechanical and electrical engineering industries, including aerospace, avionics, rail and by Tier 1 automotive manufacturers.
The consideration for WEETECH is €57.5m (approximately £50m), on a cash- and debt-free basis, and will be paid in cash and funded from Halma’s existing facilities. WEETECH’s unaudited revenue for the 12 months to 31 March 2022 was €20.8m (approximately £18m), with Return on Sales modestly above the upper end of Halma’s target range of 18-22%. WEETECH will be led by its current management team and operate as a standalone company within Halma’s Safety sector.
Andrew Williams, Group Chief Executive of Halma, commented:
“We are delighted to welcome WEETECH to Halma and look forward to supporting their future development through our Growth Enablers. WEETECH brings new opportunities for growth in electrical safety, driven by increasing safety needs and greater regulation. Their technology will play an important supporting role in addressing key issues such as growing urbanisation, the challenge of energy transition and the adoption of more efficient modes of transport, such as mass transit systems and electric vehicles.”
Bernd Hartlein, Co-Chief Executive Officer of WEETECH said:
“Transporting people and goods causes one-fifth of global carbon emissions. As consumers seek to reduce their carbon footprint, they are embracing electric mobility. This transition means that cars, planes, buses, trains and other electrical equipment will use more high voltage electricity. By joining Halma, WEETECH can protect even more workers in dangerous testing environments around the world. Together, we’re committed to solving the big problems of our time, reducing the impacts of climate change and ensuring people’s safety.”