DIVESTMENT OF EMS BRÃœEL & KJÃ†RSource: RNS
DIVESTMENT OF EMS Brüel & Kjær
17 January 2020 - Spectris plc ('Spectris') (LSE: SXS), the productivity-enhancing instrumentation and controls company, today announces that, together with Macquarie Corporate Holdings Pty Limited ('Macquarie'), it has agreed to divest the EMS Brüel & Kjær joint venture ('EMS B&K') to Envirosuite Limited ('Envirosuite'). Envirosuite is an environmental management technology company and is listed on the Australian Securities Exchange.
EMS B&K is a global provider of environmental monitoring services to airports, cities, mines and construction companies. It is jointly majority owned by Spectris and Macquarie (with equal 45% shareholding interests), with management holding the remaining minority interest. All issued shareholding interests in EMS B&K will be sold to Envirosuite under the terms of the transaction. For its share, Spectris will receive AUD35 million cash, less repayment of EMS B&K's debt facility on completion, and 10 million shares in Envirosuite.
The transaction is conditional only on approval by Envirosuite's shareholders at a meeting to be held in late February 2020 and the conditional placement of shares by Envirosuite required to fund the consideration for the transaction, with completion expected to take place shortly thereafter.
The sale of Spectris' interest in EMS B&K is another step in simplifying the Group's portfolio. Envirosuite provides a range of environmental monitoring services and the addition of EMS B&K complements and expands their solution-as-a-service offering.
For and on behalf of Spectris plc
LEI Number: 213800Z4CO2CZO3M3T10
Siobhán Andrews, Head of Corporate Affairs +44 1784 485325
Richard Mountain / Susanne Yule +44 203 727 1374
NOTES TO EDITORS
Envirosuite Limited is an environmental management technology company that has developed a leading solution-as-a-service offering which translates data into action in real-time.
Using proprietary algorithms built on more than 30 years of environmental consulting experience, the Envirosuite platform provides a range of environmental monitoring, management and investigative capabilities.
The Envirosuite platform is used worldwide by a range of clients in the mining, water and waste management, heavy industry, ports and agricultural industry sectors and as well by governments looking to regulate industry in accordance with community well-being.
Spectris plc is a leading supplier of productivity-enhancing instrumentation and controls. The Company's products, technologies and services help customers to improve product quality and performance, improve core manufacturing processes, reduce downtime and wastage and reduce time to market. Its global customer base spans a diverse range of end-user markets. Headquartered in Egham, Surrey, United Kingdom, the Company employs approximately 9,000 people located in more than 30 countries.
For more information, visit www.spectris.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact email@example.com or visit www.rns.com.