June 2 (Reuters) - Health and safety device maker Halma Plc said it had bought California-based Rohrback Cosasco Systems Inc, a maker of pipeline corrosion monitoring products, for $108 million to expand its portfolio of critical safety products.
Halma, which makes products ranging from water quality test kits to smoke detectors and automatic door sensors, said it would also pay an additional $8 million for Rohrback Cosasco’s existing cash reserves.
The deal is expected to add to earnings immediately, the company said.
Halma also said it had sold its Monitor Elevator Products Inc to Innovation Industries Inc for $6 million in cash with $900,000 retained in escrow for release in two years. (Reporting by Tasim Zahid in Bangalore; Editing by Gopakumar Warrier)