Halma PLC (LON:HLMA) has sold its fibre optic technology business Fiberguide Industries for US$38mln (£28.1mln) in cash.
The FTSE 100-listed company, which originally bought the Idaho-based business in 2008, said the sale was in line with its plan to only own businesses that are “aligned with its purpose”, which has more recently been on “life-saving technology companies” that maintain strong growth and returns over the long term.
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The buyer is Molex, an Illinois-based manufacturer of electronic, electrical and fibre optic connectivity systems, which is buying the business on a cash and debt free basis.
In a statement, Halma chief executive Andrew Williams said: “We are pleased to have found a new home for Fiberguide.”
He added that the sale will enable Halma “to continue to invest in high growth businesses that are closely aligned with our purpose”.