HEALTH technology group Halma yesterday announced a $50m (£32m) deal to buy medical devices firm SunTech.
The company’s main product is a blood pressure testing device. SunTech, based in North Carolina, reported revenue in the year to 31 December was $23m with operating profit $5.4m.
Halma shares rose two per cent in London after yesterday’s announcement.
Halma chief executive Andrew Williams said: “The acquisition of SunTech continues our strategy of building strong positions in markets with resilient long-term growth drivers.
“This acquisition allows the two companies to work together to further develop their markets and products.”
SunTech’s existing management team will remain in place and will continue to operate the business. The acquisition, which is expected to be immediately earnings enhancing, has been funded from Halma’s cash and debt facilities.
SunTech will be part of Halma’s health and analysis business.