Spectris Sells Microscan Systems Unit To Omron For GBP120 Million
LONDON (Alliance News) - Spectris PLC said on Wednesday it has agreed to sell its Microscan Systems Inc business, which provides machine vision technology, to Japan-based Omron Corp for a cash consideration of GBP123 million.
The precision industrial instruments firm said it will use the proceeds from the sale to "substantially" reduce its net debt, in order to increase financial flexibility for future capital deployment.
The sale is expected to close in the fourth quarter of the year, subject to regulatory approvals in the US, and is anticipated to reduce Spectris' 2017 adjusted earnings per share by approximately 2 pence. Spectris reported adjusted earnings per share of 127.5p for 2016.
Spectris said the book value of Microscan's gross assets amounted to GBP22 million at July 31, and the business generated an adjusted operating profit of GBP7 million for 2016.
"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," said Chief Executive John O'Higgins.
By Lucy Heming; [email protected]
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