Spectris (SXS) has sold BTG Group, part of the company’s industrial solutions segment, to Voith GmbH & Co for €319m (£283m). Management said the deal was in line with the company’s strategy to “simplify and focus our portfolio and to concentrate on developing our presence in specific high-growth end markets”.
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The sale price is almost exactly double the book value of BTG’s gross assets of £140m. During the 2018 financial year this division generated cash profits of £24.5m, compared to £256m generated by the whole of Spectris over that period. The sale is expected to complete in the fourth quarter, and proceeds will be used to strengthen Spectris’ balance sheet.
