Spectris in £150m X-ray buy

12 April 2012

SPECTRIS, the controls and instrumentation group formerly known as Fairey, is to shell out e150m (£96.3m) to buy Philips Analytical, part of Dutch electronics giant Philips.

Spectris is partly funding the acquisition through a placing of 11.2m new Spectris shares at 359p a time to raise £40.2m with the rest of the cost of acquiring Philips Analytical being raised from its own cash resources.

Philips Analytical is a world leader in analytical x-ray systems used for industrial pharmaceutical and semi-conductor research. Its equipment measures the composition of materials. It employs 850 staff around the world and in 2001 had sales of e148.5m.

Spectris shares slipped 9 1/2p to 366 1/2p

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