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."