Spectris plc (LON:SXS) announced that it has completed the acquisition of US automotive test system and service provider Revolutionary Engineering Inc. for US$19mln.
The FTSE 250-listed firm said that the purchase complements the existing test capabilities of its Millbrook business and will be rebranded as Millbrook Revolutionary Engineering.
READ: Numis upgrades Spectris to ‘hold’, expects future benefits from project Uplift
Spectris said the acquisition of Revolutionary Engineering, which has a presence in China and Germany, is an important step in Millbrook’s strategy to extend the firm’s reach into new geographies and further expand its capacity and capabilities in testing propulsion systems.
Revolutionary specialises in driveline test services and solutions and is a recognised leader in the testing of e-motors and hybrid drivelines, in particular.
Eoghan O’Lionaird, Spectris's business group director, said: “This acquisition broadens Millbrook’s automotive testing services offering and establishes a presence in the important US market where the demand for driveline testing and test systems is growing strongly.”
In mid-morning trading, Spectris shares were down 2.3% to 2,633p.