United Kingdom-based safety and environmental technology group, Halma plc, has acquired Plasticspritzerei AG, an injection molding company based in Switzerland.
Plasticspritzerei molds plastic components for Medicel, a sudsidiary of Halma, which makes devices used in cataract surgery. Plasticspritzerei is located at the same facility as Medical in Wolfhalden, Switzerland, and “has been a close commercial partner since Medicel's inception,” said Halma.
Halma paid an initial cash consideration of 8 million Swiss francs ($8.9 million), but immediately sold the industrial segment of the Plasticspritzerei business to a third party, resulting in a net cash cost to Halma of 4.8 million Swiss francs ($5.4 million).
“These transactions have resulted in Halma owning only those assets which support Medicel's business,” said Halma.
The retained business had sales of 3.6 million Swiss francs ($4 million) in 2013. Halma paid for the acquisition using existing cash and debt facilities.
Andrew Williams, Halma's CEO, said: “Plasticspritzerei's acquisition secures important production IP, enabling Medicel to maintain and grow its already strong position in the cataract surgical device market. This transaction is another example of Halma finding valuable strategic bolt-on acquisitions to sustain long-term success.”
The deal was one of two acquisitions announced by Halma on May 15. It also bought fire detection and control systems company Advanced Electronics Ltd. of Newcastle, England, for 14.1 million pounds ($23.7 million) in cash and stock. Advanced will operate as a stand-alone business within Halma’s infrastructure safety division.