Shares of Scientific Digital Imaging plc (SDI.L) were gaining around 7 percent in the early morning trading in London after the manufacturer of scientific and technology products for use in digital imaging and sensing and control applications announced Friday the acquisition of MPB Industries Ltd. for a consideration of 1.59 million pounds.
The acquisition is expected to be earnings enhancing in SDI's next financial year commencing May 1, 2019.
MPB designs and manufactures flowmeters and process control instrumentation, with applications in water treatment, oil and gas production, medical anaesthesia, scientific analysis and many other areas. For the year 2018, MPB achieved revenues of 1.90 million pounds, gross profit of 1.28 million pounds and profit before interest and tax of 0.31 million pounds.
With the acquisition, MPB will become part of the Group's Sensors & Control operating segment.
SDI has funded the cash consideration from existing cash resources.
In London, Scientific Digital shares were trading at 50.02 pence, up 7 percent.
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