Spectris buys US materials analysis firm Micromeritics for $630m

16th Jul 2024 07:22

(Sharecast News) - Precision measurement tools group Spectris is spending $630m to buy US-based Micromeritics Instrument Corporation to bolster its offering in particle characterisation for advanced materials analysis.

Micromeritics, headquartered in Norcross, Georgia, is said to be a high-growth, high-margin business which will be immediately accretive to Spectris's earnings and highly complementary to the Malvern Panalytical division.

"Micromeritics has a strong portfolio of industry-leading, gold-standard technologies, covering a wide range of fundamental particle measurements including: surface area; particle activity; porosity; powder flow; and density," Spectris said in a statement.

Around 40% of Micromeritics' sales are generated from the clean-tech industry, covering batteries, hydrogen/fuel cells, carbon capture/storage; while 60% are in industrial tech, covering the material science of chemicals, pharmaceuticals and semiconductors, along with other markets.

The company delivered compound annual sales growth of 17% between 2021 and 2024, and is expected to grow by double digits over the medium term.

"The acquisition of Micromeritics fits perfectly with our strategy to build world-class businesses compounding growth and generating strong value creation for our customers and shareholders," said Spectris chief executive Andrew Heath.

"The combination of Micromeritics with Malvern Panalytical is highly synergistic. It will create the global market leader in particle characterisation for advanced materials analysis with a differentiated offering and strong competitive positioning in end markets benefiting from long-term, secular and sustainability growth trends."