Two U.S. companies producing produce magnesium-based heating pads for military ration packs are being acquired by Britain's Luxfer Holdings PLC.
Luxfer, a materials technology group, said the arrangement to acquire Truetech Inc. and Innotech Products Ltd requires U.S. government approvals, which are expected to take two months to attain.
Truetech and Innotech's heating pads are used by the U.S. military for food packs used by troops and by emergency relief agencies. They are also used in chemical agent detection and decontamination kits and seawater desalinization kits.
"This acquisition is firmly in our target market of 'Protection' technologies, and is uniquely synergistic to both arms of our Elektron Division," said Luxfer Chief Executive Officer Brian Purves. "Our expertise in the design of magnesium alloys should be beneficial to developing the next generation of flameless heaters, and the adsorbent properties of our MELsorb zirconium chemicals are thought ideal to progressively improve the active component of decontamination products.
"I am delighted that the management team of Truetech and Innotech, with their long experience in these products and markets, has agreed to join the board of Luxfer Magtech Inc. to help us develop the business further over the next few years."
Luxfer expects the pay $64 million for the two privately held companies, which operate under similar ownership.
