- Spectris, an instrumentation and controls company, has signed an agreement to sell its Microscan Systems business to Omron Corporation for $157 million (£123 million).

The net proceeds from the sale will be used to reduce net debt.

As at 31 July 2017, the book value of Microscan's gross assets amounted to approximately £22 million. The adjusted operating profit generated by Microscan for the year ended 31 December 2016 was approximately £7 million.

The sale is expected to close in early fourth quarter, subject to customary closing conditions and regulatory approvals in the US, and is expected to have an impact on 2017 adjusted earnings per share of approximately 2p.

John O'Higgins, chief executive, said: "This is an important step in focusing Spectris on its areas of strength. Omron is well-aligned strategically with Microscan and as such, we believe that this will be a good home for Microscan in the next phase of its corporate journey."

At 9:05am: [LON:SXS] Spectris PLC share price was 0p at 2354p

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