Spectris PLC on Thursday announced an acquisition aimed at enhancing its offering and position in markets that benefit from long-term sustainability growth trends.
The London-based supplier of high-tech instruments, test equipment and software for industrial applications said it will buy SciAps Inc for up to $260 million.
The acquisition comprises an upfront cost payment of $200 million and a deferred payment of up to $60 million.
Based in Boston, Massachusetts, SciAps is a provider of handheld instruments leveraging X-ray fluorescence and laser induced breakdown spectroscopy techniques for materials analysis.
Spectris Chief Executive Officer Andrew Heath said: ‘SciAps is an excellent business and a great addition to Spectris Scientific, bringing complementary technology and strengthening our offering, including our innovative digital solutions. The acquisition will strengthen Spectris’ position in a number of key end markets benefiting from long-term, secular and sustainability growth trends, as well as accelerating sales of SciAps and Malvern Panalytical’s offerings through each other’s sales and distribution channels.’
Spectris said for 2024, SciAps is expected to report sales of $70 million and adjusted earnings before interest, tax, depreciation and amortisation of $12.1 million.
Spectris anticipates synergies of around $6 million with sustained future growth.
Spectris shares rose 2.0% to 2,908.00 pence each on Thursday morning in London.
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