Deals
Avon Rubber p.l.c. has acquired Argus
Avon is pleased to report the acquisition of the trade and assets of the "Argus" thermal imaging camera business of e2v technologies (UK) Limited, a subsidiary of e2v technologies plc, for £3.5million in cash. The acquisition was funded from existing debt facilities.
Based in Chelmsford, UK, Argus is a leading designer and manufacturer of thermal imaging cameras for the first responder and fire markets. As part of a division of e2v technologies plc, Argus does not produce stand alone audited accounts, however revenue in their last financial year was approximately £5million.
Commenting, Andrew Lewis, Interim Chief Executive Officer, said:
"Argus is a strategic addition to our fire and first responder product range and we expect the acquisition to be modestly earnings enhancing during the current financial year. The Argus team brings a wealth of technical expertise in this area which will generate longer term product development opportunities for the Protection & Defence business."
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