Halma Group Acquires Ocean Optics, Inc.
Spectrometer manufacturer Ocean Optics is acquired in deal worth up to $50 million
Dunedin, Fla., June 2004 – Halma p.l.c., a leading safety and environmental
technology group based in the United Kingdom, has acquired Ocean Optics,
Inc., a pioneering developer and market leader in the manufacture of
miniature spectrometers and optical-sensing components, in an
incentive-laden deal worth up to $50 million.
Under the terms of the agreement, Halma acquired 100% of the
stock of Ocean Optics for $25 million in cash, with another $25 million
payable over the next two years contingent on Ocean Optics’ performance.
Founded in 1989, Ocean Optics manufactures miniature
fiber optic spectrometers and accessories, optical sensors, optical
fibers, and thin films and optics. Its palm-sized fiber optic
spectrometer, introduced in 1992, has spawned dozens of imitators and
helped enable thousands of optical-sensing applications in hundreds of
industries and disciplines.
“We are very excited to become a part of the Halma
Group and its legacy of technological entrepreneurship,” said Michael J.
Morris, president of Ocean Optics. “The additional resources that Halma
brings to the table will allow us to tackle promising new optical-sensing
applications that we discover in our daily work with optical researchers
“In addition, we look forward to collaborating with
other Halma Group companies on projects where our optical-sensing
technologies can spur development of new applications and products. The
potential for growth is great.”
Halma is a holding company of more than 50 worldwide
subsidiaries that develop and manufacture products that enhance public safety
and minimize hazards at work. The company’s business groups focus on fire and gas
products, water technology, elevator electronics, process safety,
resistors, and optics technologies. Sales in 2003 were $540 million,
ranking Halma (HLMA) among the top 250 publicly traded companies on the
London Stock Exchange.
Michael J. Morris, one of the founders of Ocean Optics, will
remain as president of the company. Ocean Optics will be part of Halma’s
Optics and Specialist Technology Division, which is headed by Divisional
Chief Executive Andrew Williams.
“Ocean Optics will bring an important new technology platform to Halma,” said Williams. “We anticipate significant opportunities to transfer Ocean Optics’ optical-sensing technology to Halma’s other core markets. This will be the second acquisition this year within our Optics and Specialist Technology Division and signals our strategic aim to grow this part of the Group into an important profit contributor.”