16 May 2012 07:00
16 May 2012
e2v technologies plc
Sale of certain non-core businesses
e2v technologies plc announces that it has agreed the sale of its non-core businesses, for a total cash consideration of £14.7m, to a newly formed company, SGX Sensortech, backed by Baird Capital Partners.
Keith Attwood, CEO of e2v, said:
"We are pleased to announce the successful sale of these non-core business areas which completes the previously announced strategic alignment of the group. As we move forward, we continue to focus our resources on e2v's key growth areas as well as our regional expansion in the US and Asia."
The non-core businesses comprise e2v Scientific Instruments based in High Wycombe, the industrial gas sensing business based at e2v's Chelmsford facility and e2v microsensors SA based in Neuchetel Switzerland. They provide a range of professional sensing products for x-ray spectroscopy and gas sensing for automotive and environmental safety applications.
Total sales for these three combined business areas in the year to 31 March 2012 were £14.8m. Gross assets subject to the transaction are £14.6m, including goodwill and intangibles of £6.3m, and adjusted net operating profits attributable to the assets in the year to 31 March 2012 were £0.9m. The cash consideration will be used to reduce group indebtedness.
The sale of e2v Scientific Instruments and e2v microsensors SA has completed today. The completion of the sale of the industrial gas sensing business based at e2v's Chelmsford facility is deferred for up to 12 months, deferring receipt of £0.7m of the total cash consideration which is held in escrow. A further £1.25m is also being held in escrow pending the performance of certain contractual obligations by e2v.
Further enquiries:
e2v technologies plc | Tel: +44 (0)1245 493 493 |
Keith Attwood, Chief Executive Charles Hindson, Group Finance Director | |
Website: www.e2v.com | |
Pelham Bell Pottinger | Tel: +44 (0)20 7861 3112 |
Archie Berens | |
Notes to editors
1. All financial information included in this release is sourced from unaudited management accounts and excludes any exceptional items.
2. Statements made in this announcement that look forward in time or that express management's beliefs, expectations or estimates regarding future occurrences are "forward-looking statements" within the meaning of the United States federal securities laws. These forward-looking statements reflect the Group's current expectations concerning future events and actual results may differ materially from current expectations or historical results.
About e2v
e2v is a leading global provider of specialist technology for high performance systems and equipment; delivering solutions, sub-systems and components for specialist applications within medical & science, aerospace & defence, and commercial & industrial markets.
e2v has its headquarters in the UK, employs approximately 1500 people, has design and production facilities across Europe and North America, and has a global network of sales and technical support offices. For the year ended 31 March 2011, e2v reported sales of GBP229m and is listed on the London Stock Exchange.
For more information visit e2v.com