Spectris PLC DIVESTMENT OF MICROSCAN (2344P)
30 August 2017 - 4:00PM
UK Regulatory
TIDMSXS
RNS Number : 2344P
Spectris PLC
30 August 2017
Spectris plc
DIVESTMENT OF MICROSCAN
30 August 2017 - Spectris plc ('Spectris') (LSE: SXS), the
productivity-enhancing instrumentation and controls company, today
announces that it has signed an agreement to sell its Microscan
Systems, Inc. business ('Microscan') to Omron Corporation ('Omron')
for a total cash consideration of $157 million (GBP123 million),
payable in cash on completion, subject to closing adjustments. The
net proceeds from the sale will be used to substantially reduce our
net debt, thereby increasing our financial flexibility for future
capital deployment.
As at 31 July 2017, the book value of Microscan's gross assets
amounted to approximately GBP22 million. The adjusted operating
profit generated by Microscan for the year ended 31 December 2016
was approximately GBP7 million. The sale is expected to close in
early fourth quarter, subject to customary closing conditions and
regulatory approvals in the USA, and is expected to have an impact
on 2017 adjusted earnings per share of approximately 2 pence.
Microscan is a global provider of world-class machine vision
technology and solutions for critical identification, inspection
and verification applications. Spectris' strategy is transitioning
to provide innovative customer solutions incorporating hardware,
software and services in selected markets. In this context,
Spectris believes Microscan's next stage of development can be
better fulfilled elsewhere.
Commenting on the transaction, John O'Higgins, Chief Executive,
said: "This is an important step in focusing Spectris on its areas
of strength. Omron is well-aligned strategically with Microscan and
as such, we believe that this will be a good home for Microscan in
the next phase of its corporate journey."
- ENDS -
Contacts:
Spectris plc
John O'Higgins, Chief Executive +44 1784 470470
Clive Watson, Group Finance Director +44 1784 470470
Siobhán Andrews, Head of
Corporate Affairs +44 1784 470470
FTI Consulting
Richard Mountain / Susanne Yule +44 203 727 1374
NOTES TO EDITORS
Omron Corporation is a public company based in Kyoto, Japan with
a market capitalisation of JPY1.18 trillion(GBP8.4 billion).
Established in 1933, OMRON has about 36,000 employees worldwide,
working to provide products and services in 117 countries. The
company's business fields cover a broad spectrum, ranging from
industrial automation and electronic components to automotive
electronics, social infrastructure systems, healthcare, and
environmental solutions.
ABOUT SPECTRIS
Spectris plc is a leading supplier of productivity-enhancing
instrumentation and controls. The Company's products and
technologies help customers to improve product quality and
performance, improve core manufacturing processes, reduce downtime
and wastage and reduce time to market. Its global customer base
spans a diverse range of end user markets. Spectris operates across
four business segments which reflect the applications and
industries it serves: Materials Analysis, Test and Measurement,
In-line Instrumentation and Industrial Controls. Headquartered in
Egham, Surrey, United Kingdom, the Company employs approximately
9,000 people located in more than 30 countries. For more
information, visit
www.spectris.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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