Ham-Let (Israel-Canada) Ltd. (TASE: HAML) is acquiring UK company Cambridge Fluid Systems for $3.3 million, to be paid at the scheduled closing of the deal on January 5. Cambridge Fluid Systems develops systems for transporting gases in the ultra-clean products industry, and also operates in the field of products for the process industry in petrochemicals, analytic devices, pharmaceuticals, and aviation.
Controlled by Ishay Davidi's FIMI Opportunity Funds and managed by CEO Uri Oliner, Ham-Let is expected to complete the deal at the beginning of next month. Ham-Let will pay for the acquisition from its current cash flow and available bank credit sources.
Ham-Let manufactures connectors, valves, and piping accessories for the control segment of process industries, and for transportation of gases in the semiconductor industry.
Company sources said that the acquisition move fitted in with Ham-Let's goals and business strategy, and that it would enable Ham-Let to expand and bolster its business, owing to the Cambridge Fluid Systems' know-how and capabilities in designing, assembling, and integrating whole systems, including sophisticated products and electronic control systems.
Ham-Let added that it expected invest in Cambridge Fluid Systems, mainly in the expansion of its marketing activity, while utilizing the acquired company's know-how to establish activity in territories in which the group operates.
Ham-let's market cap on the TASE is NIS 420 million, following a 17% rise in its share price over the past year.
Published by Globes [online], Israel business news - www.globes-online.com - on December 24, 2014
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