SDI Group PLC (AIM:SDI) said it acquired LTE Scientific Ltd, a UK manufacturer of sterilizers and decontamination equipment, for approximately £4.2mln.
The AIM-quoted group focused on the design and manufacture of scientific and technology products said it expects the acquisition to be earnings enhancing in the current financial year.
LTE sterilises objects placed in a pressure vessel by injecting steam under pressure at temperatures ranging typically from 105˚C to 137˚C. These are used in laboratories and hospitals.
Other manufactured products include environmental rooms and chambers, endoscope storage cabinets, laboratory ovens, incubators and drying cabinets, SDI said.
LTE, which last year received revenues of £6.4mln and earnings before income and tax of £400,000, operates from a 44,000 square-foot company-owned property in Greenfield, Greater Manchester, and has roughly 70 employees.
Ken Ford, SDI chairman, commented: "The acquisition of LTE is a further step in our group growth strategy, demonstrating again the opportunities to acquire businesses with high-quality products related to our existing portfolio of equipment used in laboratories and hospitals.”