Last checked at 3 Apr 2018 07:00
spectris plc
acquisition of REVOLUTIONARY ENGINEERING, inc.
3 April 2018 - Spectris plc ('Spectris') (LSE: SXS), the productivity-enhancing instrumentation and controls company, today announces that it has completed the acquisition ofRevolutionary Engineering, Inc. from company management for $19 million on a debt and cash-free basis.
Revolutionary Engineering, Inc. is an automotive test system and service provider headquartered near Detroit, Michigan in the USA, with a presence in China and Germany. It specialises in driveline test services and solutions and is a recognised leader in the testing of e-motors and hybrid drivelines, in particular.
This acquisition complements the existing test capabilities of Millbrook and will be rebranded as Millbrook Revolutionary Engineering. The acquisition is an important step in Millbrook's strategy to extend its reach into new geographies, and further expands its capacity and capabilities in testing propulsion systems, including the testing of batteries, inverters and e-motors.
Eoghan O'Lionaird, Business Group Director, said: "Revolutionary Engineering provides high-quality testing services and expertise and is highly complementary to the services offered by Millbrook. This acquisition broadens Millbrook's automotive testing services offering and establishes a presence in the important US market where the demand for driveline testing and test systems is growing strongly."
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Contacts:
Spectris plc | |
John O'Higgins, Chief Executive | +44 1784 470470 |
Clive Watson, Group Finance Director | +44 1784 470470 |
Siobhán Andrews, Head of Corporate Affairs | +44 1784 485325 |
FTI Consulting | |
Richard Mountain / Susanne Yule | +44 203 727 1340 |
ABOUT SPECTRIS
Spectris plc is a leading supplier of productivity-enhancing instrumentation and controls.The Company's products and technologies help customers to improve product quality and performance, improve core manufacturing processes, reduce downtime and wastage and reduce time to market. Its global customer base spans a diverse range of end user markets. Spectris operates across four business segments which reflect the applications and industries it serves: Materials Analysis, Test and Measurement, In-line Instrumentation and Industrial Controls. Headquartered in Egham, Surrey, United Kingdom, the Company employs approximately 9,800 people with offices in more than 30 countries. For more information, visit www.spectris.com