Scientific Digital buys Leicester-based Thermal Exchange

Scientific Digital Imaging (SDI) has announced the acquisition of temperature control equipment maker Thermal Exchange for £847,036.

The acquisition will also see the company make an additional cash payment for net assets at completion.

Leicester-based TE designs, builds and distributes process cooling and temperature control equipment for industrial, medical and scientific applications. For the year ended 30 September 2018, it achieved adjusted revenue of £1.40m, gross profit of £0.95m and pre-tax profit of £0.21m.

Approximately 86% of TE's sales are to the UK, with the balance of 14% exported.

SDI said TE will complement its existing process cooling and temperature control equipment business, Applied Thermal Control.

Chairman Ken Ford said: "Thermal Exchange represents another step in our group growth strategy and is a complementary fit providing potential areas for growth alongside a talented workforce.

"The acquisition is in line with our previously announced strategy of organic and acquisitive growth and is expected to be earnings enhancing in its first full year of ownership."

At 1320 GMT, the shares were up 4.3% to 36.78p.