Luxfer acquires two detection and decontamination companies
Luxfer acquired Truetech, Inc., and Innotech Products, Ltd., two related private companies under similar ownership, for an estimated $64 million payment. Luxfer first announced the agreement on June 13 to acquire the companies, subject to regulatory approval, which has now been granted, according to a Luxfer press release.
Truetech and Innotech produce chemical and biological agent detection and decontamination kits, self-heating meals and beverages used by the military and civilians, and magnesium-based heating pads for self-heating meals used by emergency release agencies and the U.S. military. The companies operate from facilities in Riverhead, N.Y. and Cincinnati that employ 115 people. Sales revenue for the two companies in 2013 was $28 million.
Luxfer will combine Truetech and Innotech within Luxfer Magtech, Inc. (LMI), a new wholly-owned Luxfer subsidiary. LMI will operate as part of Luxfer's Elektron Division for specialty materials.
Luxfer designs and manufactures high-performance components, materials and gas-containment devices for protection, healthcare and specialty end-markets. The company provides its products to end-users and to manufacturers that incorporate the company's products into finished goods.