REG - Spectris PLC - Acquisition of Piezocryst Advanced Sensorics GmbH

SpectrisAnnouncement

05/09/2024 07:00

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RNS Number : 9683C  Spectris PLC  05 September 2024

5 SEPTEMBER 2024

 

SPECTRIS GROUP PLC

 

ACQUSITION OF PIEZOCRYST

 

Spectris plc (SXS: LSE), the expert in providing insight through precision
measurement, today announces the acquisition of Piezocryst Advanced Sensorics
GmbH ("Piezocryst" or the "Company") from AVL List GmbH (AVL) for €133.5
million (£112.2 million).  The acquisition of Piezocryst builds on our
long-standing relationship with AVL.

 

Based in Graz, Austria, Piezocryst has been a leading provider of
piezoelectric sensors since the 1950s, specialising in high-precision pressure
sensors and accelerometers for demanding applications. The Company's sensors
are known for their quality, durability and precision, helping optimise
engines, machines and processes in the harshest of environments.

 

Piezocryst will join the Spectris Dynamics Division and be integrated into the
HBK business, expanding HBK's existing product range.  Piezocryst sensing
technology will enhance Spectris Dynamics customer offering across the
automotive, aerospace & defence, energy and industrial markets.
Piezocryst will also benefit from leveraging HBK's global sales and service
network. 

 

The acquisition is strongly aligned with our strategy for Spectris Dynamics to
create the leading, premium pressure and vibration sensing offering for the
most advanced applications, building on the acquisitions of Dytran and
MicroStrain over the past two years.

 

Piezocryst is expected to generate sales of €27.5 million (£23.1 million)
in 2024 and an EBITDA margin of c.30%, making the acquisition immediately
accretive to both Spectris Dynamics and Group margins. The combination is
expected to generate an additional €4.8 million (£4.0 million) of EBITDA
from synergies by 2027 which, when applied to the expected outturn for 2024,
represents an EV/EBITDA multiple of 10.2x.

 

The acquisition is subject to customary completion conditions and regulatory
approvals and is expected to close around the end of the year.

 

Andrew Heath, Chief Executive of Spectris, said:

 

"Piezocryst is a proven, high-quality business that we have long-admired and
will broaden our customer offering through its unique and cutting-edge
technology, enabling us to further penetrate the high-temperature,
high-precision sensor markets. We are delighted to welcome Piezocryst to the
Group.

Together with the recently completed acquisitions of SciAps and Micromeritics,
2024 has been a strong year for acquisitions and underpins our commitment to
generating long-term shareholder value through disciplined use of our capital.
We are focused on delivering on the significant potential of these businesses,
including the realisation of synergies, aligned to our strategy to compound
growth through value enhancing M&A."

Professor Helmut List, CEO of AVL said:

 

"HBK is the ideal partner for Piezocryst with the acquisition providing the
next chapter in our long-standing relationship and a number of exciting
opportunities to further develop our partnership in the years ahead.

The combination with HBK will enable Piezocryst to strengthen its position in
existing markets, penetrate new markets, while continuing to drive significant
technological advancements."

 

 

END

 

 

Contacts:

 

Spectris plc

 

Mathew Wootton

Investor Relations Director

+44 7500 078 880

 

Teneo

Martin Robinson/Giles Kernick

+44 20 7353 4200

 

 

About Spectris

Spectris combines precision with purpose, delivering progress for a more
sustainable world. We provide critical insights to our customers through
premium precision measurement solutions combined with technical expertise and
deep domain knowledge.  Precision is at the heart of what we do - our
leading, high-tech instruments and software equip our customers to solve some
of their greatest challenges to make the world cleaner, healthier and more
productive.

 

We are focused on two key divisions - Spectris Scientific and Spectris
Dynamics, which are placed in technology-driven end markets, with strong
fundamentals and attractive growth trajectories. We have leading market
positions in premium segments and employ 7,600 people located in more than 30
countries, all united behind our purpose to deliver value beyond measure for
all our stakeholders. For more information, visit www.spectris.com.

 

About Piezocryst

Piezocryst, based in Graz, Austria, specializes in high-precision pressure
sensors, force sensors, and accelerometers for demanding applications.
Established in 2004 as a spin-off from AVL List, the company has roots in the
piezoelectric sensor business dating back to the 1950s. Known for their
precision, quality, and durability, Piezocryst's sensors optimise engines,
machines, and processes while preserving global resources. They maintain their
own crystal growth and processing it into their high-precision products. Fully
owned by AVL, Piezocryst employs 175 people from over 10 nations. They
manufacture the smallest and most powerful piezoelectric sensors at their Graz
facility, serving industries such as Formula1, gas turbines, and industrial
applications.

 

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