Respiratory devices engineer Avon Rubber acquires VR Technology

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.

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