Respiratory protection manufacturer Avon Rubber has acquired the business and assets of VR Technology, a provider of diving rebreather systems and dive computers.
The group said that VR Technology's products and technologies would enhance Avon's current and planned product ranges while increasing respiratory protection opportunities for the group, in particular with navies around the world.
In addition to purchasing VR Technology, the group said that it had acquired the purpose built freehold premises in Picayune, Mississippi, for use by its subsidiary Avon Engineered Fabrications. It said that this was in anticipation of the expiry of the lease of its existing premises on September 30th 2013.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The total cash consideration for the two transactions was £3.0m.
Avon said that the transactions were not expected to impact forecast earnings for the current financial year apart from one-off exceptional transaction and relocation costs and the amortisation of acquired intangibles totalling £0.5m.
Avon Rubber specialises in designing and manufacturing compressed air breathing apparatus for the military, law enforcement, emergency services and industrial markets sectors.
Its share price was up 5.57% to 417p at 13:32 on Friday.
MF
-
Adidas, Nike or Jordans - could collectable trainers make you rich?The right pair of trainers can fetch six figures. Here's how you can start collecting vintage Adidas, Nike or Jordans now
-
Early bird ISA investors flock to global funds, India and the USThere’s been an increase in investors maxing out their ISA at the start of the new tax year. But where are they putting their cash and why does it make sense to be an early bird investor?
