Spectris announced on Tuesday that it has agreed to acquire its U.S.-based competitor, Micromeritics, in a transaction valued at up to $683 million. This strategic move aims to enhance Spectris’ advanced materials analysis division and expand its presence in the clean technology sector.
Spectris To Buy US Rival Micromeritics : Financial Details of the Acquisition
The British precision tools supplier will pay $630 million upfront, with an additional deferred payment of up to $53 million contingent on meeting specific financial performance targets by 2025. The exact nature of these targets has not been disclosed. Spectris plans to finance the acquisition using its existing cash resources and new external debt.
Regulatory Approvals and Expected Finalization
The proposed transaction is pending regulatory approvals, which are anticipated to be completed by September. Details regarding the regulatory bodies involved have not been revealed.
Spectris To Buy US Rival Micromeritics : Strategic Benefits and Market Impact
Andrew Heath, CEO of Spectris, stated that the acquisition will significantly enhance the company’s research, product development, and quality control of materials. He highlighted that this move will position Spectris as a “global market leader.” Micromeritics’ sales are robust, with approximately 40% derived from batteries, hydrogen and fuel cells, and carbon capture and storage. The remaining sales stem from industrial technology, including material science applications in chemicals, pharmaceuticals, and semiconductors.
