(Alliance News) - Precision measuring and control systems technology firm Spectris PLC has sold off part of its Industrial Solutions unit, it announced on Thursday.
BTG Group has been sold for GBP283 million to Germany's Voith GmbH & Co KGaA, as part of a move to simplify Spectris's portfolio and concentrate on "specific high-growth end markets".
BTG makes specialised measuring instruments, footwear, and services to the pulp and paper industry. Voith, Spectris said, has a "notable" presence in the global paper industry.
Spectris Chief Executive Andrew Heath said: "The sale of BTG represents our first step in executing our strategy for a more focused business and delivers compelling value for shareholders. Voith is a highly respected player in the pulp and paper market and BTG is highly complementary to their product offering.
"I would like to take this opportunity to thank all of our BTG employees for their contribution to Spectris over the years and wish them well in the next stage of their journey."
In February, Spectris began a strategic review, saying business divisions with lower profitable growth potential than others could be sold.
Shares were 4.2% higher on Thursday morning in London at a price of 2,600.00 pence each.
Spectris (SXS)