Acquisition

RNS Number : 6603P

Spectris PLC

06 October 2011

 



6 October 2011

ACQUISITION OF SIXNET FOR $72 MILLION

AND APPOINTMENT OF NEW BUSINESS GROUP DIRECTOR

Spectris plc ("Spectris" or the "company"), the productivity-enhancing instrumentation and controls company, today announces that it has completed the acquisition of Sixnet LLC, a privately-held business located in North America. Sixnet designs, builds and markets rugged remote terminal units, I/O modules, Ethernet network switches and wireless products for the broad industrial and process market, and is based near Albany, NY, employing around 110 people. The net purchase consideration of $72 million (approximately £44 million), on a debt and cash-free basis, will be met from existing cash and bank facilities and is subject to routine balance sheet adjustments.

Sixnet will become part of Red Lion Controls in the Industrial Controls segment. Its hardened Ethernet networking switches complement those of Red Lion's N‑Tron subsidiary (acquired in October 2010) and the remote automation solutions complement Red Lion's own product range.

Appointment of new business group director

We are also pleased to announce the recent appointment of Stephen Blair to the Executive Management team as business group director, reporting to John O'Higgins, responsible for the In-line Instrumentation and Industrial Controls segments. Stephen has significant experience in the industrial controls sector and was most recently at Invensys plc, where he held the position of President, Invensys Operations Management for North America.

John O'Higgins, Chief Executive of Spectris, commented: "The acquisition of Sixnet represents a further step in growing our strategic business segments and enables us to build our presence in the industrial controls sector. In addition, we are delighted that Stephen Blair has joined the Executive Management team. His background and experience are ideally suited to our range of technologies and industries and he joins us at an exciting time in our development."   

ENDS

Enquiries:	John O'Higgins, Chief Executive, Spectris plc	Tel: [phone]
	Clive Watson, Group Finance Director, Spectris plc	Tel: [phone]
	Richard Mountain, FTI Consulting	Tel: [phone]

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, the company employs over 7,000 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

Station Road, Egham, Surrey TW20 9NP and on the company's website at www.spectris.com.

 

END

 

 

ACQFSMEEIFFSEFS