Halma buys Australia's Lazer Safe for £23m

Safety technology group Halma said it had bought Australian company Lazer Safe for AUD $45m (£23m) on a cash- and debt-free basis.

Headquartered in Perth, Western Australia, Lazer Safe designs and makes safety equipment to protect workers when operating machinery used to fabricate sheet metal.

The purchase will be funded from Halma's existing facilities. Lazer Safe's unaudited revenue for the 12 months to 31 March 2023 was AUD $21.8m ( £11.2m), with return on sales at the upper end of Halma's target range of 18-22%.

Lazer Safe will be a standalone company within Halma's Safety sector, Halma added.

"Growth across industries like automotive, mass transportation, construction and energy generation is creating an increased demand for press brake machines driven by the rising consumption of sheet metal. By joining Halma, Lazer Safe can continue to grow internationally, helping more manufacturers protect their workforce, adapt to increasing safety regulations and enhance productivity," said Lazer's co-founder and chief executive Ian Costley.

Reporting by Frank Prenesti for Sharecast.com