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Voith agrees deal for BTG from Spectris
Posted on Friday, 20 September 2019 13:30
Voith, a German technology company, has agreed to acquire multinational integrated process services provider BTG from Spectris of the UK for EUR 319.00 million.
The deal will strengthen the buyer’s position as a full-line supplier and is part of the London-listed group’s strategy of simplifying and focusing its portfolio to concentrate on developing a presence in high-growth end markets.
Completion is subject to regulatory approvals and other conditions and is expected to occur in the fourth quarter of 2019.
Founded in 1921 in Sweden, BTG is today headquartered in Switzerland and employs around 600 staff across four manufacturing, three research and several regional application sites around the world.
It offers a high-value portfolio of optimised and customised services for applications in the areas of packaging, graphic papers and tissue.
Among these are beds and rods for film-metering size presses, high-performance ceramic and cement coating blades and pulp and paper process control sensors and instruments.
Rob Crossman, chief executive of BTG, said: “We are excited about this opportunity. Voith is a well respected player in the paper industry and our offering is highly complementary to theirs. As part of the Voith Group, we will be able to offer our employees and our customers more opportunities, supporting BTG growth and allowing us to realise our full potential.”
Spectris expects to use the cash to strengthen its balance sheet ahead of investing in growth opportunities.
At 30th June 2019, the book value of BTG’s gross assets was GBP 140.30 million, with adjusted earnings before interest, taxes, depreciation and amortisation totaling GBP 24.50 million in the year to 31st December 2018.
Zephyr, the M&A database published by Bureau van Dijk, shows this is one of 457 deals to target the industrial machinery manufacturing sector announced worldwide in 2019 to date.
The largest of these involves Hillenbrand buying US-based Milacron Holdings for USD 2.00 billion.
Norway-headquartered Autostore, JR Automation Technologies of the US and CNH Industrial located in the Netherlands, among others, have also been targeted in deals so far this year.
© Zephus Ltd