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Test & Measurement | October 07, 2008

Spectris to acquire LDS Test & Measurement

Spectris has signed an agreement to acquire the LDS Test & Measurement business from SPX Corporation. The purchase consideration of US$102 million, on a debt and cash-free basis, will be met from existing cash and bank facilities and is subject to routine balance sheet adjustments.

LDS will become part of the Spectris Test and Measurement segment in combination with Bruel & Kjaer Sound and Vibration and HBM. Headquartered in Royston, UK, with eight additional offices in Europe, North America and Asia, LDS employs 277 people. The company had sales of $75.7 million in 2007, adjusted operating profit before interest and tax of $10.1 million and was cash generative. The gross assets acquired are approximately $39.9 million. The acquisition is expected to enhance earnings per share in the first full financial year of ownership and is not expected to incur any exceptional charges or abnormal levels of capital expenditure. The transaction is expected to be completed by the end of the year, subject to customary closing conditions, including receipt of regulatory approval from the competition authorities in Germany.
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