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Judges Scientific PLC on Thursday said it obtained a UK coatings business through the acquisition of holding company Magsputter Ltd. The London-based company is focused on acquiring and developing assets in the scientific instrument sector. It consists of 25 businesses purchased since 2005. Judges bought all of Magsputter for an initial £12.3 million in cash, funded by existing bank facilities. Magsputter is the holding company of Worcestershire, England-based Teer Coatings Ltd, a firm specialising in manufacturing coating instruments and providing coating services. ‘An additional payment will be made to reflect any excess working capital over and above the ongoing requirements of the business, which the board expects to be covered by the cash inherited at the completion date,’ Judges said. In the financial year that ended January 31, Magsputter held £6.0 million in net assets and reported a pretax profit of £1.8 million. Magsputter was created to facilitate the management buyout of Teer in 2019. The buyout team consisted of Sales & Marketing Director Wayne Southall, Technology Director Hailin Sun, and Commercial Director Angela Byrne. Southall and Sun will remain with the company, and Byrne is due to retire within six months of completion of the acquisition. Judges Scientific shares were up 1.5% to 10,300.00 pence each in London on Thursday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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