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Spectris sells BTG unit to Voith for €319m
19th Sep 2019 07:56
(Sharecast News) - Instruments and controls company Spectris said it had sold its BTG unit to German paper supplier Voith for €319m (£283m) in cash as it moved to focus on high-growth end markets.
BTG, part of Spectris' industrial solutions division, provides specialised measuring instruments, software and services to the pulp and paper industry.
The book value of BTG's gross assets was £140.3m at June 30 and 2018 adjusted core earnings was £24.5m, Spectris said in a statement on Thursday.
Chief executive Andrew Heath said the sale "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."
BTG, part of Spectris' industrial solutions division, provides specialised measuring instruments, software and services to the pulp and paper industry.
The book value of BTG's gross assets was £140.3m at June 30 and 2018 adjusted core earnings was £24.5m, Spectris said in a statement on Thursday.
Chief executive Andrew Heath said the sale "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."