e2v to sell non-core businesses to Baird for £14.7m
e2v technologies has agreed the sale of its non-core businesses to Baird Capital Partners Europe for £14.7m.
The acquisitions will be re-named SGX Sensortech Limited and will be supported by Baird.
The non-core businesses comprise e2v Scientific Instruments based in High Wycombe, the industrial gas sensing business based at e2v’s Chelmsford facility and e2v microsensors based in Neuchetel, Switzerland.
According to e2v, they provide professional sensing products for X-ray spectroscopy and gas sensing for automotive and environmental safety applications.
Total sales for these three combined business areas in the year to 31 March 2012 were £14.8m. Gross assets subject to the transaction are £14.6m, including goodwill and intangibles of £6.3m, and adjusted net operating profits attributable to the assets in the year to 31 March 2012 were £0.9m.
The sale of e2v Scientific Instruments and e2v microsensors has completed today.
Completion of the sale of the industrial gas sensing business based at e2v’s Chelmsford facility is deferred for up to 12 months, deferring receipt of £0.7m of the total cash consideration which is held in escrow. A further £1.25m is also being held in escrow pending the performance of certain contractual obligations by e2v.