SDI buys steriliser maker LTE Scientific for £4.2m
By Josh White
Date: Monday 01 Aug 2022
(Sharecast News) - Digital imaging and sensing technology company SDI announced the acquisition of UK-based sterilisation and decontamination equipment manufacturer LTE Scientific for total consideration of £4.2m on Monday, net of excess cash acquired.
The AIM-traded firm described LTE Scientific as a "leading UK manufacturer" of autoclave sterilisers, which sterilise objects placed in a pressure vessel by injecting steam under pressure at temperatures typically ranging from 105˚C to 137˚C.
It said the sterilisers are used in laboratories and hospitals.
Other manufactured products include environmental rooms and chambers, endoscope storage cabinets, laboratory ovens, incubators and drying cabinets.
LTE Scientific operates from a 44,000 square foot company-owned property in Greenfield, in the Saddleworth area of Greater Manchester, with around 70 employees.
Revenues for the year ended 31 December totalled £6.4m, with EBIT coming in at £0.4m, while the acquisition price included around £1.65m worth of freehold property.
SDI said LTE Scientific would operate within its sensors and controls division, with the acquisition expected to be enhancing in the current year.
"The acquisition of LTE is a further step in our group growth strategy, demonstrating again the opportunities to acquire businesses with high quality products related to our existing portfolio of equipment used in laboratories and hospitals," said chairman Ken Ford.
"The acquisition is expected to be earnings-enhancing in the current 2023 financial year."
At 1326 BST, shares in SDI Group were down 0.3% at 166p.
Reporting by Josh White at Sharecast.com.
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