Productivity-enhancing instrumentation company Spectris has signed an agreement to sell its Fusion UV business to Heraeus Holding GmbH for a total cash consideration of 172m dollars, the post-tax proceeds of which will be used to pay down debt.
As of June 30th 2012, the book value of Fusion's tangible gross assets amounted to approximately $27m. The operating profit generated by Fusion for the year ended December 31st 2011 was approximately $13m. The sale is expected to be somewhat dilutive to earnings per share in 2013. The impact on earnings per share is expected to be approximately five pence.
Fusion UV is a provider of industrial ultraviolet curing systems and technology worldwide. The company's core competency is in the area of microwave powered, electrode-less lamp technology to generate intense UV energy that is used for UV curing.
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The sale is conditional, amongst other things, upon obtaining regulatory clearances in the relevant jurisdictions in which Fusion and Heraeus operate.
Closing is expected during the first quarter of 2013.
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