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Oxford Instruments to sell Industrial Analysis business to Hitachi High-Technologies
May 14, 2017
Source: ASM International
Oxford Instruments plc, England, announces that it has agreed to sell its Industrial Analysis business to Hitachi High-Technologies Corp. for a consideration of $100 million on a cash and debt-free basis. Hitachi will acquire the companies, assets, and liabilities that comprise the Industrial Analysis business.
The Industrial Analysis business is a leading global provider of handheld and benchtop instruments based on X-ray fluorescence (XRF), laser induced breakdown spectroscopy (LIBS) and optical emission spectroscopy (OES) technologies for analyzing materials in a broad range of industrial applications. Headquartered in Oxford, England, the Industrial Analysis business has research and development and assembly operations in Finland, Germany, and China, and sales and support operations in a number of countries around the world.
The transaction is subject to regulatory approval in Austria, confirmation of receipt by the relevant regulator of the share transfer filing in China, and completion of a pre-sale reorganization to carve out the relevant businesses. Assuming satisfaction of these conditions, the transaction is expected to close in the second quarter of the 2017/18 fiscal year. Proceeds will be used to reduce existing borrowings. The current Industrial Analysis management team will transfer with the business.
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