Spectris sells BTG unit to Voith for €319m
Spectris
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10:14 25/04/24
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.
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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.”