24th Aug 2021 08:33
(Alliance News) - Spectris PLC on Tuesday said it has agreed the USD180 million sale of its NDC Technologies unit as part of its simplification plan.
The Egham, England-based precision instrumentation and controls supplier said the unit will be sold to Nordson Corp, a coatings firm based in the US state of Ohio.
NDC, one of five assets Spectris picked out as potential divestment candidates back in 2019, develops process measurement and control instrumentation. It has customers in energy, food and tobacco.
Spectris said the proceeds from the sale will go towards bolstering its balance sheet "and then be deployed in accordance with our capital allocation policy".
NDC generated GBP7.2 million of adjusted operating profit in 2020.
"I am pleased with the value that this programme has delivered for our shareholders. Additionally, with this portfolio optimisation programme completed, Spectris is now a less complex and more focused business and the retained businesses within our portfolio are aligned to key end markets with attractive growth trajectories. This positions us well to continue to deliver long-term value for our stakeholders," Spectris Chief Executive Andrew Heath said.
Shares in the company were 0.9% higher at 3,894.00 pence each in London on Tuesday morning.
By Eric Cunha; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Spectris