Gooch & Housego (G&H) has purchased US business Crystal Technology for $13.75 million (£8.6 million) in a deal the company describes as ‘highly complementary’.
Gooch & Housego (G&H) has purchased US business Crystal Technology for $13.75 million (£8.6 million) in a deal the company describes as ‘highly complementary’.
Somerset-based G&H manufactures optical components and light measurement instruments, while Crystal Technology supplies fibre-optic and electro-optic parts, which involves the combination of electromagnetic and electrical properties of materials.
Gareth Jones, chief executive of G&H, comments: ‘Crystal Technology brings new capabilities in electro-optics and fibre-optics to G&H that support our ongoing diversification into markets such as defence, life sciences and telecommunications.’
The deal will be funded through a combination of cash and bank debt. It comprises $9.63 million for the business and $4.12 in respect of ‘near cash equivalents’ left in the company after the sale. An initial consideration of $10.5 million will be paid upon completion with an additional $3.25 million due on 31 March next year.
California-headquartered Crystal Technology will continue to operate from its existing location, although the business will be integrated into G&H’s ‘optic’ operations division.
