RTS takes stake in US firm
SALFORD-based engineer Robotic Technology Systems (RTS) has acquired a controlling interest in a US-based scientific instruments firm.
It has bought 65% of Hatch Science, a developer and manufacturer of scientific instruments for the pharmaceutical and medical industries based near Boston.
It has paid $325,000 with an earn out based on payment of 32.5% of Hatch’s profits in each of the next three years.
The remaining shareholding is held by the existing management team who will have an option to sell their holding to the group.
RTS has been working with Hatch through its life science arm for the past 12 months.
Chris Brown, chairman of RTS said: “The acquisition of Hatch is an important development for RTS as it increases our presence in our core North American market.
“Hatch has complementary skills and product lines that have been beneficial to both parties over the past twelve months, and once Hatch is fully integrated, is expected to provide a more efficient operation from which to develop our US business”.
RTS, which provides software and equipment to help businesses automate repetitive or hazardous tasks, said Hatch had a turnover of $448,000 and an operating loss of $798,000 in the year to December 31.
