Halma PLC (LSE:HLMA), the FTSE 100 safety equipment manufacturer, announced its second acquisition of the week, paying £50mln for WEETECH Holding GmbH.
The cash deal will be funded from the group’s existing resources.
WEETECH designs and manufactures safety-critical electrical testing technology, to test the integrity of both high and low voltage electrical systems and in the year to 31 March 2022 reported revenues of around £18mln 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.”
“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."
On Monday, Halma announced the £138mln acquisition of IZI Medical Products, a designer, manufacturer and distributor of medical consumable devices.