Halma Buys MicroSurgical Technology Inc. for $57M

Safety, health and environmental technology group Halma has expanded its ophthalmic offerings with the acquisition of MicroSurgical Technology Inc. (MST) for $57 million in cash.

The deal, which included an additional $2 million for cash retained in business, was funded using Halma's existing cash and debt facilities. MST will receive another $43 million if earnings for the two years between now and March 2015 exceed predetermined targets.

MST designs, manufactures and markets ophthalmic surgical products, focusing on single-use devices for cataract surgery; it will join Halma's Health and Analysis sector within the Health Optics subsector, which includes other ophthalmic device businesses: Accutome, Keeler, Medicel, Riester and Volk. Existing MST management will remain in place and will continue to operate the business in Redmond, Wash.

MST reported revenue of $20.4 million in 2011; Halma expects the acquisition to enhance earnings immediately.

For more information, visit: www.halma.com