Dec 19 Britain's Spectris Plc said it signed an agreement to sell its Fusion UV business to Germany-based Heraeus Holding GmbH for $172 million.
The maker of testing and control equipment for industries like mining, oil and gas, pharmaceuticals and transportation, said the sale is expected to hurt earnings by about 5 pence per share in 2013.
Spectris, whose products include semiconductor related devices, infrared equipment for temperature measurement, gas analysis products, and analytical x-ray systems, said it would use post-tax proceeds from the deal to pay down debt.
The company's Fusion UV business uses a technology to convert certain coatings and adhesives into permanent plastic solids that are used in flat panel displays, medical devices and cell phones.
Operating profit from the business was about $13 million in 2011. The book value of Fusion's tangible gross assets was about $27 million as of June 30, 2012.
Egham, Surrey-based Spectris said it expected the deal to close during the first quarter of the next year.
The company agreed to buy Analytical Spectral Devices Inc for $14 million last month.
Shares in Spectris, which have surged 68 percent in the past year, were trading down about 1 percent at 2000 pence at 0813 on the London Stock Exchange.