LONDON (SHARECAST) - Safety, health and environmental technology group Halma has completed the sale of its asset monitoring business Tritech Holdings to Moog Components Group.
Moog purchased Tritech for a cash consideration of £21.0m, of which £2.1m was retained in escrow and will be released to Halma if no valid warranty/indemnity claims are made within one year.
Andrew Williams, Halma's Chief Executive, said: "Tritech was acquired in November 2006 as our first entry into the sub-sea asset monitoring market and has performed well despite the challenges presented by the volatility of activity within the North Sea oil and gas industry.
"We have concluded that, despite its many attractions, we can create greater shareholder value by reallocating resources to other Halma sub-sector businesses and that Moog's presence in the marine energy markets will enable Tritech to make strong progress under their ownership. This disposal, along with the sale of Volumatic in March 2012, demonstrates Halma's ability to develop the group's portfolio in order to sustain strong financial success."
The initial consideration is subject to confirmation of the value of cash and working capital and adjustable pound for pound if outside a predetermined range.