(RTTNews) - Spectris Plc (SXS.L), a supplier of precision instrumentation and controls, on Tuesday announced the sale of Omega Engineering to Arcline Investment Management for $525 million. Spectris had bought Connecticut-based Omega Engineering in 2011 for approximately $475 million.
For the 2021, Omega has generated sales of 129 million pounds and adjusted EBITDA of 19.7 million pounds.
In addition, the British firm also announced a 300 million pounds share repurchase program.
The sale of Omega, expected to be completed in the early third quarter, raises Spectris' gross divestment proceeds over the past three years to over 1 billion pounds, above the Group's trading multiple.
The UK-based firm also noted that the sale further enhances the company's margins.
Andrew Heath, CEO of Spectris, said: "Today's announcement is yet a further example of our approach to optimising our assets and successfully divesting businesses at multiples higher than the Group as a whole. This disposal, in conjunction with the share buyback programme, delivers clear value for shareholders, whilst also allowing us to take advantage of new growth opportunities for our core businesses, in line with our purpose."
Spectris also said it will repurchase up to 300 million pounds of shares with an initial tranche of 150 million pounds to be launched in the very near future. The program will have an additional tranche of 150 million pounds.
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