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Spectris To Sell BTG Group To Voith GmbH For EUR 319 Mln Cash - Quick Facts

Instrumentation and controls company Spectris plc (SEPJF.PK,SXS.L) announced Thursday that it has agreed to divest BTG Group to privately held Voith GmbH & Co. KgaA for a total gross cash consideration of 319 million euros or 283 million pounds.

The sale is subject to customary closing conditions and regulatory approvals, with completion expected to take place in the fourth quarter.

The proceeds from the sale will be used to further strengthen Spectris' balance sheet ahead of investing in growth opportunities, in line with its strategy.

BTG, part of Spectris' Industrial Solutions segment, provides specialised measuring instruments, software and services. As of June 30, the book value of BTG's gross assets amounted to 140.3 million pounds. In 2018, the division's adjusted EBITDA was 24.5 million pounds.

Spectris said the sale is in line with its strategy to simplify and focus portfolio and to concentrate on developing its presence in specific high-growth end markets.

Andrew Heath, Spectris Chief Executive, said, "Voith is a highly respected player in the pulp and paper market and BTG is highly complementary to their product offering."

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