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Written by / Agency / Source: Spectris plc

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Acquisition of Sixnet for $72 Million and Appointment of New Business Group Director - Spectris plc (“Spectris” or the “company”), the productivity-enhancing instrumentation and controls company, today announces that it has completed the acquisition of Sixnet LLC, a privately-held business located in North America - Spectris.com
Acquisition of Sixnet for $72 Million and Appointment of New Business Group Director

 

NewswireToday - /newswire/ - Egham, Surrey, United Kingdom, 2011/10/06 - Spectris plc (“Spectris” or the “company”), the productivity-enhancing instrumentation and controls company, today announces that it has completed the acquisition of Sixnet LLC, a privately-held business located in North America - Spectris.com. LSE: SXS

   
 
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Sixnet designs, builds and markets rugged remote terminal units, I/O modules, Ethernet network switches and wireless products for the broad industrial and process market, and is based near Albany, NY, employing around 110 people. The net purchase consideration of $72 million (approximately £44 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.

Sixnet will become part of Red Lion Controls in the Industrial Controls segment. Its hardened Ethernet networking switches complement those of Red Lion’s N-Tron subsidiary (acquired in October 2010) and the remote automation solutions complement Red Lion’s own product range.

Appointment of new business group director
We are also pleased to announce the recent appointment of Stephen Blair to the Executive Management team as business group director, reporting to John O’Higgins, responsible for the In-line Instrumentation and Industrial Controls segments. Stephen has significant experience in the industrial controls sector and was most recently at Invensys plc, where he held the position of President, Invensys Operations Management for North America.

John O’Higgins, Chief Executive of Spectris, commented: “The acquisition of Sixnet represents a further step in growing our strategic business segments and enables us to build our presence in the industrial controls sector. In addition, we are delighted that Stephen Blair has joined the Executive Management team. His background and experience are ideally suited to our range of technologies and industries and he joins us at an exciting time in our development.”

 
 
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Written by / Agency / Source: Spectris plc

 
 

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Acquisition of Sixnet for $72 Million and Appointment of New Business Group Director

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Publisher Contact: Press Office - Spectris.com 
+44 (0)1784 470470 headoffice[.]spectris.com
 
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