Divestiture of Fusion UV Business
December 19th, 2012 - Spectris plc (“Spectris” or the “Company”) (LSE: SXS), the productivity-enhancing instrumentation and controls company, today announces that it has signed an agreement to sell its Fusion UV Business ('Fusion') to Heraeus Holding GmbH (‘Heraeus’) for a total cash consideration of US $172 million, the post-tax proceeds of which will be used to pay down debt. As at 30 June 2012, the book value of Fusion’s tangible gross assets amounted to approximately $27m. The operating profit generated by Fusion for the year ended 31 December 2011 was approximately $13m. The sale is expected to be somewhat dilutive to earnings per share in 2013 (impact on eps approximately 5p).
Fusion UV is the leading provider of industrial ultraviolet (UV) curing systems and technology worldwide. The Company’s core competency is in the area of microwave powered, electrode-less lamp technology to generate intense UV energy that is used for UV curing.
The sale is conditional, amongst other things, upon obtaining regulatory clearances in the relevant jurisdictions in which Fusion and Heraeus operate.
Closing is expected during the first quarter of 2013.
John O’Higgins, Chief Executive +44 1784 470470
Clive Watson, Group Finance Director +44 1784 470470
Richard Mountain +44 207 269 7186
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, England, the company employs approximately 7,800 people, with offices in more than 30 countries.
For more information, visit www.spectris.com
Copies of this announcement are available from the Company’s registered office at Heritage House, Church Road, Egham, Surrey TW20 9QD and on the Company’s website at www.spectris.com