StockMarketWire.com - Productivity-enhancing instrumentation and controls company Spectris said it had agreed to sell its BTG Group to Voith for a total gross cash consideration of €319m.

The firm said the sale was in line with its' strategy to simplify and focus its portfolio and to concentrate on developing its presence in specific high-growth end markets.

The transaction was subject to customary closing conditions and regulatory approvals, with completion expected to take place in the fourth quarter.

Subject to the completion of the disposal, the proceeds would be used to further strengthen Spectris' balance sheet ahead of investing in growth opportunities, in line with its strategy, and then be deployed in accordance with the capital allocation approach set out at its Capital Markets Day in June.

'The sale of BTG represents our first step in executing our strategy for a more focused business and delivers compelling value for shareholders,' said chief executive Andrew Heath.




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