From the Wires
Acquisition of MicroSurgical Technology, Inc. by Halma plc
By: PR Newswire
Dec. 19, 2012 11:24 AM
LONDON, December 19, 2012 /PRNewswire/ --
Halma, the leading safety, health and environmental technology group, today announces that the acquisition of MicroSurgical Technology, Inc. ("MST") was completed on 18 December 2012.
MST designs, manufactures and markets ophthalmic surgical products, focusing on single-use devices used in cataract surgery. MST is located in Redmond, Washington, USA. The initial cash consideration is $57.0 million (£35.2 million) for the share capital plus $2.0 million (£1.2 million) for cash retained in the business. The combined consideration is adjustable Dollar for Dollar if the level of working capital at closing falls outside an agreed range.
Contingent consideration of up to $43.0 million (£26.5 million) is payable if earnings for the two years to March 2015 exceed pre-determined targets. Audited accounts for the full financial year ended 31 December 2011 show revenue of $20.4 million (£12.6 million). Unaudited accounts for the first nine months of the financial year ended 31 December 2012 show revenue of $17.1 million (£10.6 million).
MST is being acquired from management and several private shareholders. Existing management will remain in place and will continue to operate the business in Redmond. The acquisition, which is expected to be immediately earnings-enhancing, has been funded from Halma's cash and debt facilities.
MST will join Halma's Health and Analysis sector within the Health Optics sub-sector which includes our other market-leading ophthalmic device businesses: Accutome, Keeler, Medicel, Riester and Volk.
Andrew Williams, Halma's Chief Executive, commented:
"The acquisition of MST continues our strategy of focusing on critical products in niche markets with strong growth drivers, expanding our surgical product offering in ophthalmology. The international presence of our other ophthalmic product businesses offers exciting growth opportunities for MST under Halma's ownership."
Malyugin Ring® is a registered trademark of MicroSurgical Technology, Inc.
For further information, please contact:
SOURCE Halma plc
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