Halma Acquires Labsphere
AMERSHAM, England, Feb. 13, 2007 -- Safety, health and sensor technology group Halma plc, parent company of optical sensing and spectroscopy solutions provider Ocean Optics, has acquired Labsphere Inc. for $15.4 million in cash, the company announced last week.
Labsphere, based in North Sutton, N.H., manufactures light testing and measurement equipment for calibrating optoelectronic devices and spectroscopy. It also makes specialized optical coatings. Unaudited accounts for 2006 show revenues of $12.5 million and operating profit of $2.4 million.
Under the deal completed on Feb. 7, Halma made an initial cash payment of $13.9 million for Labsphere to its parent company, X-Rite of Grand Rapids, Mich., a provider of color measurement and color management services. Halma will make a deferred cash payment of $1.5 million pending the closing of accounts for fiscal 2006. If Labsphere's net tangible assets fall below $8 million, the deferred compensation could be adjusted dollar for dollar.
"The divestiture of Labsphere is part of the ongoing X-Rite strategy to focus resources on its core color-related business," said Thomas J. Vacchiano, X-Rite CEO. "Labsphere's light business has performed very well over the last several years and we believe that Halma, which has several related businesses, will continue its tradition of excellence."
"Labsphere enhances Halma's presence in the growing photonics market and complements our existing businesses where technical and marketing collaboration opportunities exist. Together with Ocean Optics, Halma now has two leading companies in this exciting market where we are well placed to grow organically and through further acquisitions," said Halma Chief Executive Andrew Williams.
For more information, visit: www.halma.com