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Halma PLC Completes Acquisition of Thinketron Precision Equipment Company Limited and Its Subsidiaries


Wednesday, 23 Jan 2013 04:00am EST 

Halma PLC announced the completion on January 23, 2013 of the acquisition of Thinketron Precision Equipment Company Limited ('TPE') based in Hong Kong and its subsidiaries Baoding Longer Precision Pump Co., Ltd ('Longer Pump') based in China and Langer Instruments Corporation ('LIC') based in the USA. Longer Pump manufactures and markets peristaltic, syringe and gear pumps used in laboratory, medical and industrial applications. LIC is Longer Pump's distributor in the USA. The initial cash consideration was RMB 237 million (GBP 23.7 million) for the share capital of TPE. Deferred consideration of RMB 3 million (GBP 0.3 million), which is adjustable RMB for RMB if the net tangible asset value (NTAV) is over/under a targeted amount, is payable upon agreement of the NTAV. The targeted NTAV includes approximately RMB 22.5 million (GBP 2.25 million) of cash. Existing management of Longer Pump and LIC will remain in place and will continue to operate the business supported by new Board members appointed from within Halma China. The acquisition, which is expected to be immediately earnings enhancing, has been funded from Halma PLC's cash and debt facilities. Longer Pump will join Halma PLC's Health & Analysis sector within the Fluid Technology sub-sector. 

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18 Dec 2014