The consideration for ILT is US$26.6m (approximately £19.5m) on a cash and debt free basis, which is payable in cash and funded from Halma’s existing facilities.
International Light Technologies (ILT), based in Peabody, Massachusetts, USA, is a leading developer of technical lighting sources and light measurement systems, which are used in biomedical, environmental, agricultural, food and beverage, and industrial applications.
For continuing operations, ILT’s unaudited revenue for the 12 months to 31 October 2021 was US$9.9m (approximately £7.3m), and earnings before interest and tax was US$2.7m (£2m).
Andrew Williams, Group Chief Executive of Halma, commented: “ILT’s focus on the generation and measurement of light is highly aligned with Ocean Insight’s mission to use the measurement of light to expand scientific discovery, reduce waste and improve the quality of life.
ILT’s products and services will bring complementary capabilities and technologies to Ocean Insight, allowing it to serve a greater range of customer needs.”