Halma Plc (LON:HLMA), the leading safety, health and environmental technology group, today announced the acquisition of Limotec bvba, a leading fire control panel designer and manufacturer and fire system seller in the Belgian market.
Limotec is based in Vichte, Belgium, and will become part of Halma’s Infrastructure Safety sector. Its existing management team will remain with the business.
The cash consideration for Limotec of €9.3 million (£8.2 million), on a cash and debt free basis, was funded from Halma’s existing facilities. The acquisition was completed on 18 October, and is expected to be earnings enhancing. Limotec’s revenue in its last financial year to end December 2017 was €6.7 million (£5.9 million).
Andrew Williams, Halma’s Chief Executive, commented:
“Limotec strengthens our presence in continental Europe, bringing strong brand equity and robust technology to further enable us to capitalise on growth trends in fire detection, including increasing regulation and digitalisation. This acquisition follows our successful acquisition of Advanced Electronics in the UK in 2014 and is a further example of our strategy to acquire regional partners to accelerate growth in our core Fire Detection markets.”