Business
Acquisition of Heath Scientific Company Limited
Acquisition of Heath Scientific Company Limited.
About this update from Judges Scientific Plc
[{"type":"text","content":"\n \n \n RNS Number : 2919O\n Judges Scientific PLC\n 29 May 2020\n \n \n \n \n \n \n \n \n Press Release\n \n \n \n \n 29 May 2020\n \n \n \n \n \n \n Judges Scientific plc\n \n \n (\"Judges Scientific\", \"Judges\", the \"Company\" or the \"Group\")\n \n \n Acquisition of Heath Scientific Company Limited\n \n \n Judges Scientific, \n the group focused on acquiring and developing companies \n in the scientific instrument sector, announces that it has acquired today the entire issued share capital of Heath Scientific Company Limited (\"Heath\" or the \"Acquisition\"), a world leading maker of calorimetry instruments. The Board expects the Acquisition to be immediately earnings enhancing. \n \n \n The initial consideration for Heath is £5.3 million in cash. \n The consideration for the Acquisition has been financed from the Group's £35 million acquisition facility from Lloyds Bank Corporate Markets. \n \n \n Information and rationale for the Acquisition\n \n \n Heath, through its subsidiaries Thermal Hazard Technology Limited and THT Inc., specialises in the design, manufacture and sale of instruments used to measure the thermal properties of lithium batteries and other reactive materials. Its main product, the Accelerating Rate Calorimeter, is a key tool to improve and verify the safety of lithium batteries and of other chemical reactions. This is an expanding market in light of the growth in the use of lithium batteries in electronic devices and electric vehicles.\n \n \n The science underlying Heath's products is similar to the scientific fundamentals of Fire Testing Technology, the Group's first acquisition in May 2005. In addition, the aim of both companies is to improve the safety of the products manufactured by their customers. The Board believes the interaction between the two companies will be constructive.\n \n \n Heath, based in Bletchley, Buckinghamshire, was established in 1994 by Martyn Ottaway (the Managing Director) and Phill O'Kane (the Sales and Marketing Director); they were joined in 1996 by Stelios Mores, the R&D Director. The founders, in some cases with their families, each owned approximately one third of the shares in Heath. Following the acquisition Martyn will retire but remain on the board of Heath as a non-executive director; his son Stephen, the Business Development Director, re...