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Spectris PLC on Tuesday announced a £300 million share buyback programme after selling its Omega Engineering subsidiary to Arcline Investment Management.
Precision instrumentation and controls supplier Spectris will net $525 million from the Omega disposal.
The buyback will consist of an initial £150 million, ‘to be launched shortly’, before a further £150 million tranche. The second instalment is subject to shareholder approval at the firm's annual general meeting on May 27.
Chief Executive Andrew Heath said: ‘Today's announcement is yet a further example of our approach to optimising our assets and successfully divesting businesses at multiples higher than the group as a whole. This disposal, in conjunction with the share buyback programme, delivers clear value for shareholders, whilst also allowing us to take advantage of new growth opportunities for our core businesses, in line with our purpose.’
Specialist sensors provider Omega generated sales of £129.0 million in 2021 and adjusted earnings before interest, tax, depreciation and amortisation of £19.7 million.
Completion of the deal is expected in the third quarter of 2022.
Spectris said its ‘enhanced’ balance sheet following the sale leaves it well places to take part in further investment activity.
Spectris shares were 3.6% higher at 2,606.00 pence each in London on Tuesday morning, one of the best mid-cap performers.
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