Divestment of Red Lion Controls completed

Spectris PLC

03 April 2024

 

Divestment of Red Lion Controls completed

3 April 2024 - Further to the announcement of 11 December 2023, Spectris plc (SXS: LSE), the expert in providing insight through precision measurement, today announces that the divestment of Red Lion Controls (Red Lion) to HMS Networks for $345 million has completed, following receipt of the required regulatory approvals.  After allowing for tax, the net proceeds from the divestment are estimated to be circa $275 million (£228 million) subject to customary closing adjustments.

For the 2023 financial year, Red Lion generated sales of £101.8 million and adjusted operating profit of £21.9 million.

Spectris will publish its trading update for the first quarter of 2024 on 2 May.

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For and on behalf of Spectris plc

LEI Number: 213800Z4CO2CZO3M3T10

Contacts:

Spectris plc

Mathew Wootton

Investor Relations Director
[phone]

Teneo

Martin Robinson/Giles Kernick

[phone]

About Spectris

Spectris combines precision with purpose, delivering progress for a more sustainable world. We provide critical insights to our customers through premium precision measurement solutions combined with technical expertise and deep domain knowledge. Precision is at the heart of what we do - our leading, high-tech instruments and software equip our customers to solve some of their greatest challenges to make the world cleaner, healthier and more productive. We are focused on two key divisions - Spectris Scientific and Spectris Dynamics, which are placed in technology-driven end markets, with strong fundamentals and attractive growth trajectories.  We have leading market positions in premium segments and employ 7,500 people located in more than 30 countries, all united behind our purpose to deliver value beyond measure for all our stakeholders. For more information, visit www.spectris.com.

About HMS Networks

Headquartered in Sweden, with operations in 18 countries, HMS is a world leader in industrial information and communication technology providing a range of products that enable industrial equipment to communicate and share information.

 

 

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