British engineering firm Avon Rubber has acquired the trade and assets of e2v Technologies’ Argus thermal imaging camera business for £3.5 million. The acquisition was funded from existing debt facilities.
Argus thermal imaging cameras will add to Avon Rubber’s fire and first responder product range. As part of a division of e2v Technologies Argus does not produce stand alone audited accounts, however revenue in the last financial year was approximately £5 million.
Commenting on the purchase, Andrew Lewis, interim chief executive officer, said: ‘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 and Defence business.’
E2v said the sale is part of the company's strategy to focus on its core customers, markets and opportunities, with the ongoing simplification of its operations.
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