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.
MF
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