Halma PLC (LSE:HLMA) announced the acquisition of Safetec Srl, an Italian fire and gas safety firm, for €72.5 million on a cash- and debt-free basis.
“Safetec further enhances our capabilities in fire and gas safety systems for complex industrial environments.” He added that the acquisition strengthens Halma’s Safety sector and extends its geographic reach," said Halma chief executive Marc Ronchetti.
Safetec was founded in 2003 and is headquartered near Milan. The company designs and delivers customised fire and gas safety systems for complex industrial projects across sectors including power generation, oil and gas and pharmaceuticals.
The transaction is funded from existing facilities.