By Christian Moess Laursen
Spectris said it has sold its Red Lion Controls business for $345 million to Sweden’s HMS Networks, and that it will buy back up to 150 million pounds ($188.2 million) worth of shares.
The FTSE 250 precision-measurement specialist said Monday the sale takes its total net sale proceeds to GBP1.2 billion over the past five years and completes the portfolio rationalization envisaged in 2019.
The deal is expected to close during the first half of 2024, HMS Networks said in a separate statement.
Red Lion Controls provides industrial organizations software and hardware to connect assets through industrial ethernet, as well as data visualization. Following completion of the deal, Spectris’s remaining business, Servomex, will become part of its Scientific division.
The first buyback tranche of GBP50 million will begin before the end of the calendar year.
Write to Christian Moess Laursen at christian.moess@wsj.com
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