Avon is pleased to report that it has completed the acquisition of 100% of the share capital of Hudstar Systems Inc. (‘Hudstar’) for US$5.1million in cash from existing cash resources.
Hudstar is a leading Florida, USA based designer and manufacturer of electronic control systems used in powered and supplied air respiratory protection systems, largely for Avon’s award winning Deltair product.
Hudstar is a private US company and thus does not produce audited accounts. Nevertheless, based on the cost savings that are expected to be achieved, Avon expects this acquisition to be modestly earnings enhancing to the Group in its next full financial year.
Commenting, Peter Slabbert, Chief Executive said, “The addition of Hudstar’s technology and expertise in electronics adds to Avon’s capability and will, in addition to providing short term cost savings, provide longer term product development opportunities in this key technology area.”