DIVESTMENT OF BTG

RNS Number : 9243M
Spectris PLC
19 September 2019
 

SPECTRIS PLC

DIVESTMENT OF BTG

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

19 September 2019 - Spectris plc ('Spectris') (LSE: SXS), the productivity-enhancing instrumentation and controls company, today announces that it has agreed with Voith GmbH & Co. KGaA ('Voith') for Voith to acquire BTG Group ('BTG') from Spectris for a total gross cash consideration of €319 million
(£283 million). The sale is in line with Spectris' strategy to simplify and focus our portfolio and to concentrate on developing our presence in specific high-growth end markets.

 

The transaction is subject to customary closing conditions and regulatory approvals, with completion expected to take place in the fourth quarter. Subject to the completion of the disposal, the proceeds will be used to further strengthen Spectris' balance sheet ahead of investing in growth opportunities, in line with our strategy, and then be deployed in accordance with the capital allocation approach as set out at our Capital Markets Day in June 2019.

 

BTG, part of Spectris' Industrial Solutions segment, provides specialised measuring instruments, software and services to customers to help deliver improved operational performance, cost management and enhanced quality for the pulp and paper industry. In this context, Spectris believes BTG's next stage of development can be better fulfilled under Voith's ownership, given its notable presence in the global paper market.

 

As at 30 June 2019, the book value of BTG's gross assets amounted to £140.3 million. The adjusted EBITDA generated by BTG for the year ended 31 December 2018 was £24.5 million.

 

Commenting on the transaction, Andrew Heath, Chief Executive, said: "The sale of BTG represents our first step in executing our strategy for a more focused business and delivers compelling value for shareholders. Voith is a highly respected player in the pulp and paper market and BTG is highly complementary to their product offering. I would like to take this opportunity to thank all of our BTG employees for their contribution to Spectris over the years and wish them well in the next stage of their journey."

 

For and on behalf of Spectris plc

 

LEI Number: 213800Z4CO2CZO3M3T10

 

Contacts:

Spectris plc


Siobhán Andrews, Head of Corporate Affairs

+44 1784 485325

FTI Consulting


Richard Mountain / Susanne Yule

+44 203 727 1374

 

 

 

NOTES TO EDITORS

About the Voith Group

The Voith Group is a global technology company. With its broad portfolio of systems, products, services and digital applications, Voith sets standards in the markets of energy, oil & gas, paper, raw materials and transport & automotive. It has more than 150 years' experience as a major full-line supplier to the global paper industry. Founded in 1867, the company today has more than 19,000 employees, sales of €4.2 billion and locations in over 60 countries worldwide and is thus one of the large family-owned companies in Europe.

 

ABOUT SPECTRIS

Spectris plc is a leading supplier of productivity-enhancing instrumentation and controls. The Company's products, technologies and services 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. Headquartered in Egham, Surrey, United Kingdom, the Company employs approximately 10,000 people located in more than 30 countries.
For more information, visit
www.spectris.com.


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