British electrical engineering firm Spectris Plc agreed to buy privately held Stamford-based Omega Engineering for $475 million to strengthen its industrial controls business, Reuters reports.
Egham, Surrey-based Spectris, which serves various industries, including mining, pharmaceuticals and transportation, said it would finance the deal from its existing cash and bank facilities.
Spectris expects the acquisition to add to adjusted earnings per share in the first full financial year of ownership.
Omega, which makes products used to measure temperature, pressure, humidity and conductivity, had sales of $168 million in 2010 and employs around 700 people, Spectris said.
Spectris’ industrial controls business makes barcode scanner and decoders, as well as digital and analog panels.
Spectris was founded in 1915 as Fairey Aviation Co Ltd and made seaplanes.
