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Fri 2 Oct 2009, 07:13 GMT

Hamworthy acquires Krystallon


Hamworthy says acquisition is part of its expansion strategy in long-term growth markets.

Hamworthy, a world leader in the design and manufacture of innovative marine, onshore and offshore fluid handling systems, has announced that it has completed the acquisition of the business and assets of Krystallon Limited for a cash consideration of £0.95 million payable immediately plus £0.8 million payable upon satisfactory completion of an internal testing programme.

The acquisition will be funded entirely from Hamworthy's own cash reserves. Further payments will be due dependent on future profit performance up to the period ending 30 March 2015.

Based in the UK, Krystallon is a leading supplier of marine exhaust sulphur emissions reduction technology. Krystallon's technology provides a cost-effective means of complying with the International Maritime Organisation's regulations for the reduction of marine exhaust gas emissions.

Commenting on the acquisition, Joe Oatley, Chief Executive of Hamworthy, said: "The emerging market for marine sulphur emissions reduction is an exciting global opportunity underpinned by international environmental regulations. The acquisition of Krystallon is consistent with our strategy of expanding the Group's technological base in long-term growth markets."

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