Halma buys UK's Navtech Radar for £21m
Further earn-out considerations, capped at £18m, are payable in cash, dependent on profit growth in each financial year to the end of March 2021, Halma said.
The acquisition is expected to be immediately earnings enhancing, it added.
UK-based Navtech provides radar surveillance and safety solutions for use in highway monitoring, perimeter security and industrial applications. The company will become part of the Halma's infrastructure safety sector.
Navtech's revenue in the year to end March 2018 was £6m.
Halma chief executive Andrew Williams said Navtech "has valuable intellectual property in radar-based hardware and software solutions and also adds a new presence in the fast growing highway and critical infrastructure safety market niches". ■