LONDON (dpa-AFX) - Industrial technology company Smiths Group plc (SMIN.L) Wednesday said it has acquired Heating & Cooling Products (HCP), a US-based Heating, Ventilation & Air Conditioning (HVAC) solutions provider, for $82 million on a cash-free, debt-free basis.
HCP, that had generated revenue of 69 million for the year ended July 31, 2023, will be integrated into Smith's Flex-Tek division.
'Smiths has now posted eight straight quarters of growth, and the addition of HCP allows us to further build on this momentum by adding synergistic capabilities, through an accretive transaction, in a market we know well,' said Paul Keel, CEO of Smiths Group.
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