Laird acquires Nextreme Thermal Solutions

Technology group Laird has acquired Nextreme Thermal Solutions, a US-based developer of thin-film thermoelectric technologies for one dollar, with potential cash earn-out payments based on a multiple of 0.4 times revenue over a four year period from 2014.

This will be capped at $60m if $150m is achieved.

In 2013, Nextreme is expected to make a loss of $3.0m as the company moves from technology investment to mass production.

Nextreme's products and staff will be integrated into Laird's existing Thermal business unit.

Chief Executive David Lockwood, said: "Nextreme is the next generation in technology for thermoelectrics. It can fundamentally change the way we cool electronics at the most integrated levels while being produced in large volumes. This significant shift in technology will also enable new applications such as energy harvesting.

"Nextreme is an excellent fit with our business growth strategy. Through this acquisition we will combine the most innovative technology with our market presence and ability to scale operations, to deliver added value to our customers and enable us to move into new segments."

The share price grew 2.42% to 241p by 15:42.

NR