PipeHawk acquires Wessex Precision Instruments
Technology solutions provider PipeHawk acquired Wessex Precision Instruments on Wednesday for just £1.0.
PipeHawk believes Wessex presented a number of synergistic cost-saving opportunities for the company and expected it to complement its QM Systems subsidiary and its existing portfolio of test and measurement equipment.
Wessex, which produces and sells a range of equipment for testing the slip resistance characteristics of aggregates used in public areas, recorded unaudited revenues of approximately £340,000 and an unaudited loss after tax of roughly £61,000 for the year ending 31 March.
Chairman Gordon Watt said: "I am delighted that PipeHawk has acquired Wessex; it has a world-class reputation in an area of health and safety that is becoming increasingly prominent.
"Wessex will further benefit from PipeHawk's marketing and technological expertise."
As of 0900 BST, Pipehawk shares had climbed 5.85% to 4.34p.