StockMarketWire.com - Kettle safety controls supplier Strix Group confirmed Friday it had completed its $1.33m acquisition of specified assets relating to HaloSource's HaloPure division and its Astrea product.

HaloSource had developed two technically advanced water purification technologies that had been acquired by Strix pursuant to the acquisition. HaloSource had also developed a consumer product, Astrea, using its filter technology.

The company anticipated the acquisition would result in a net P&L investment by the group of approximately £2m in the 2019 financial year.

The company said the acquisition represented an opportunity to acquire extensively developed technology, which was complementary to its aqua optima division, and also granted it access to skilled research and development resource in the USA.

'Strix will continue the process of commercialising the technology and products that it has acquired, leveraging its experience of operating in the water filtration sector and bringing to market new consumer products,' the company said.

'We maintain that the USA is a key geography for us and this transaction offers us a stronger presence in this market. As well as bringing additional customer and supplier relationships, we see the opportunity to provide increased differentiation to further expand our filtration division.'

At 8:45am: [LON:KETL] Strix Group Plc share price was -0.6p at 155.8p



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