Spectris PLC Acquisition of MicroStrain Sensing Systems (0749D)
19 Juin 2023 - 8:00AM
UK Regulatory
TIDMSXS
RNS Number : 0749D
Spectris PLC
19 June 2023
Acquisition of MicroStrain Sensing Systems Business - 19 June
2023
Spectris plc (SXS: LSE), the expert in providing insight through
precision measurement, today announces that it has signed a
purchase agreement to acquire MicroStrain Sensing Systems Business
(the "Company" or "MicroStrain) for $37.6 million (GBP29.4
million).
Based in Vermont, MicroStrain is a leading developer of inertial
and wireless sensing systems, serving the industrial and aerospace
sensing systems market. The business has seen strong growth driven
by increased demand from industrial automation and the development
and adoption of new robotics, logistics, unmanned vehicles and
mobility applications. MicroStrain has developed a network of
blue-chip customers, including internationally regarded robotic and
autonomous equipment innovators. The Company's unaudited revenue
for the year ended June 2022 was $15.4 million.
MicroStrain will be integrated into Spectris Dynamics, which has
a long-established presence in high precision sensing solutions and
where it will benefit from leveraging Spectris Dynamics' global
sales and service network. The acquisition strengthens our overall
sensor offering and helps further penetration into the rapidly
growing automation and smart manufacturing markets, while also
increasing our North American presence.
The acquisition, which is in line with the Strategy for
Sustainable Growth presented at the capital markets day in October
2022, allows both companies to leverage complementary capabilities
and provide enhanced customer offerings and solutions accelerating
their product development.
The transaction is subject to regulatory approval and is
anticipated to close in the third quarter.
Andrew Heath, Chief Executive, said:
"Value enhancing M&A remains an important part of our
compounding growth strategy. MicroStrain is an excellent addition
to Spectris Dynamics, bringing complementary technology and
strengthening our sensor offering, particularly in the fast-growing
industrial and robotics markets. The acquisition will strengthen
Spectris' position in the US aerospace, space and defence
industries, and accelerate MicroStrain's revenue by leveraging
Dynamics' global sales channels. We look forward to welcoming the
MicroStrain team and providing our customers with a wider portfolio
of inertial sensing solutions, helping to enhance their products
and development programmes."
Investor visit
We will be hosting an event for investors and analysts at the
Spectris Dynamics centre of excellence in Udine, Italy on 21 June
2023. The presentation will be available on the Spectris website at
https://www.spectris.com/investors/ with a recording made available
after the event.
For and on behalf of Spectris plc.
LEI number: 213800Z4CO2CZO3M3T10
Contacts:
Spectris plc
Mathew Wootton
Investor Relations Director
+44 7500 078 880
Teneo
Martin Robinson/Giles Kernick
+44 20 7353 4200
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 7,600 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 MicroStrain
Located in Vermont, MicroStrain was established in 1987 to
develop and commercialise highly engineered inertial sensing
systems and wireless data collection solutions. In parallel,
MicroStrain has developed proprietary calibration process and
software tools for its customers to optimize performance and
minimize the impact of environmental disruptions in critical
applications.
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END
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