Japan’s Horiba Buys British Engineering Firm

Japan's Horiba Group, which produces automotive test equipment, has acquired U.K.-based Mira Ltd. for about 85 million ($133 million). Mira's engineering, test track, and research and development operations will be renamed Horiba Mira Ltd.

Horiba posted sales of $1.2 billion last year, compared with some $74 million for Mira. Both companies are about to celebrate their 70th anniversaries (Horiba later this year and Mira next year).

Mira short for the Motor Industry Research Assn. originally was a government-backed R&D and vehicle testing facility. Its Warwickshire proving grounds includes a wind tunnel and high-speed test track. The center was privatized in the mid-1970s and diversified its services to other industries, including aerospace, defense and rail.

More recently, Mira has become involved in the research and testing of autonomous vehicles as part of the U.K.'s Autodrive consortium.

As part of the acquisition, Horiba will pay off Mira's pension debt. The company says it also will move forward with Mira's growth plans that include a 1.5 million-sq-ft expansion, adding international customers and doubling sales in coming years.

Kyoto-based Horiba makes diagnostic, testing and measurement equipment for the automotive, medical, environmental and engineering industries. The company also produces semiconductor components.