TVI acquires SafetyTech, expanding decontamination products line

Two months ago we reported that Glenn Dale, Maryland-based TVI Corporation (NASDAQ: TVIN), an innovator in the decontamination tent business, was lagging a bit relative to other companies in exploiting the booming homeland security market (see, for example, “More” below). It is good to see that the company is alive and well: It has just acquired the privately held Frederick, Maryland SafetyTech International for a purchase price of about $16.9 million, consisting of approximately equal payments of cash and TVI common stock. Some of SafetyTech products will complement the TVI product line, especially SafetyTech Powered Air Purifying Respirators (PAPRs) for chemical, biological, radiological, and nuclear (CBRN) protection. SafetyTech offers many powered air decontamination and natural catastrophe response products to different markets, including the U.S. military, hospitals, first responders, industrial, and laboratory. SafetyTech also manufactures products on a private label basis for large OEMs. TVI expects the transaction to be accretive to earnings in the first full quarter of combined operations. For its fiscal year ended 30 June 2005, SafetyTech was profitable and reached revenues of $8.2 million. SafetyTech has approximately 20 employees, all of whom would be retained by TVI.

- for more on SafetyTech products see company Web site; for more on TVI products see company Web site