Advanced Holdings says wholly-owned subsidiary, Advanced Engineering Holdings, has entered into a sale and purchase agreement dated June 21to acquire the entire issued and paid up share capital of ATAC at GBP3,027,027 ($6.3 million) which will be funded by internal cash resources.

ATAC is a company incorporated in United Kingdom and is based in Market Lavington, Wiltshire. ATAC is a technological company specialising in the design, manufacture and supply of a range of online analysers, for the process and quality controls of refinery products as well as a range of analysers for measuring calorific values of natural gas compositions in gas plants. Its range of products is under the trade names of ATAC, HONE, Hallikainen and Sysco.

The consideration will be funded by the company’s internal cash resources.

Advanced Holdings says ATAC is a world renowned manufacturing of a range of process analysers for oil refineries, natural gas pipelines and processing plants. It has a synergistic and strategic fit to the company and its group of subsidiaries and is expected to play a key role in the acceleration and expansion of the business of the Advanced Holdings in the energy market in Europe, USA and Middle East.

In addition, ATAC brings with it a strong R&D base which will enhance the existing lines of products and form a strong base for future growth.