Island based Strix Group, the global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, has made a cash offer of more than £1 million to buy another company.

The offer from the Ronaldsway based business is subject to certain conditions.

The proposal is to acquire specified assets from HaloSource Corporation for approximately $1.3m in cash.

Halosource is a clean water technology company, admitted to trading on AIM, with operations in the US and China.

Strix has offered to acquire certain US and Chinese assets which will assist in accelerating its strategy to expand and grow its water filtration division.

The acquisition is subject, amongst other things, to the negotiation of mutually acceptable legal documentation and the approval of HaloSource shareholders.

Strix says it will make a further announcement in due course.

Halosource Corporation is based in Bothell, in Washington state in the north east of the United States.

Last month Business News reported that Strix says it is on track to give shareholders a 7p dividend.

It published its trading update for the year ending December 31.

The board says it expects to report results in line with market expectations for the financial year.

The company, which employs about 70 people in the Isle of Man, expects to report a net debt position of about £28 million.

The global kettle market still posted growth of about 7% with strong progress in North America, Russia and South East Asia offsetting softening in Europe, the UK and Turkey.

Strix has expansion plans