LONDON, UK: SDI Group plc, the AIM quoted Group focused on the design and manufacture of scientific and technology products for use in digital imaging and sensing and control applications, announced the acquisition of LTE Scientific Limited, a UK manufacturer of sterilizers and decontamination equipment.
Total consideration is forecast to be approximately £4.2 million, net of excess cash acquired.
Highlights:
· LTE Scientific is a leading UK manufacturer of autoclave sterilizers, which sterilize objects placed in a pressure vessel by injecting steam under pressure at temperatures ranging typically from 105˚C to 137˚C. These are used in laboratories and hospitals.
· Other manufactured products include environmental rooms and chambers, endoscope storage cabinets, laboratory ovens, incubators and drying cabinets.
· LTE Scientific operates from a 44,000 square foot company-owned property in the village of Greenfield in the Saddleworth area of Greater Manchester, and has approximately 70 employees.
· Revenues for the year ended 31 December 2021 were £6.4m, with EBIT of £0.4 million.
· Acquisition price includes c. £1.65m of freehold property.
· LTE Scientific will reside in the Company’s Sensors and Controls division.
· Acquisition expected to be enhancing in the current year.
Ken Ford, Chairman of SDI said: “The acquisition of LTE is a further step in our Group growth strategy, demonstrating again the opportunities to acquire businesses with high quality products related to our existing portfolio of equipment used in laboratories and hospitals. The Acquisition is expected to be earnings enhancing in current year FY2023. We are delighted to welcome John Lees and his staff at LTE Scientific to the SDI Group.”
SDI continues to grow by developing its own technology advancements and by improving its global sales channels, as well as through pursuing strategic, complementary acquisitions. www.sdigroup.com