British safety equipment company Halma has bought a German electricals safety testing company for around £50m, in its second acquisition announcement of the week following an upbeat financial year.
The London-listed group bought Wertheim-based WEETECH on a cash and debt-free basis, which will play an critical role in addressing the challenge of energy transition and the adoption of electric vehicles, Halma chief executive Andrew Williams said today.
On Tuesday, the company announced the takeover of American medical device designer and manufacturer IZI Medical Products for some £138m.
The deal for Maryland-based IZI forms part of the group’s plans to bolster its presence in the healthcare devices sector.
Both deals follow a positive financial year for the group, in which revenue grew 16 per cent to £1.52bn in the year to 31 March, from £1.3bn a year prior. The equipment firm’s pre-tax profit also jumped 20 per cent to £304.4m, up from £252.9m.
Shares rose marginally, building on a rolling trend into the green for the group over the past month. However, Halma’s stock is down more than a third in the year to date.