FTSE 100 rallies as bargain hunters emerge

Tuesday, May 10, 2022
author picture Daniel Marino
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Original content created by news.limited staff

FTSE 100 Rallys As Bargain Hunters Emerge

Following a week of volatile stock prices‚ the FTSE 100 has staged a rebound on Monday‚ with shares in Whitbread‚ the owner of the hotel chain Premier Inn‚ rising 4% and Rolls-Royce‚ the aero engine maker‚ up 2%. Other stocks such as easyJet and Tui also saw a rise‚ and oil prices staged a recovery as Brent crude rose 2%‚ though they remain well below October highs. Several European bourses all moved sharply higher‚ including France‚ Italy and Germany.

Spectris buys Dytran Instruments

HBK is pleased to announce that it has acquired piezoelectric accelerometer and MEMS-based accelerometer manufacturer‚ Dytran Instruments. This acquisition will further strengthen HBK's piezoelectric accelerometer portfolio‚ add MEMS capabilities‚ and extend sales to North America. This merger will accelerate product development and help the companies enhance customer offerings‚ as well as expand their product range. It is expected that the merger will create more than 100 jobs and bring significant synergies for both companies. Spectris is one of the world's leading manufacturers of precision measurement instruments. Founded in 1964‚ the company is now headquartered in California and produces a variety of instruments for the measurement of vibration‚ pressure‚ and temperature. Among its products is the Dytran Instruments Ultraviolet curing system‚ which is used in the manufacturing of printed CD coatings. The company also offers particle contamination detection‚ as well as sound level measurement.

Spectris buys 3i Infrastructure

Spectris has agreed to invest c.$512 million in Global Cloud Xchange (GCX)‚ one of the world's largest privately held fibre optic networks. The deal will see Spectris expand its presence in Europe. The acquisition is subject to regulatory approval‚ and the deal is expected to close by the end of June 2016. 3i Infrastructure is a listed infrastructure investment arm of the 3i Group. The company invests in infrastructure businesses‚ typically those that generate significant contractual revenues and are asset-intensive. It has a particular focus on the Utilities‚ Transportation‚ and Social Infrastructure sectors. Founded in Jersey in 2011‚ 3i is regulated by the Financial Conduct Authority. It also has significant experience in the infrastructure industry. The company has acquired several companies in the last few years. ESVAGT was acquired by 3i Infrastructure in 2015. AMP supported the management in focusing its business on SOVs. ESVAGT has become a key enabler of offshore wind operations in Europe. At the time of the acquisition‚ SOVs provided less than 10% of the company's earnings‚ but now represent more than 50%. The company has delivered six new SOVs and entered into a joint venture with Crowley in the USA.

Spectris buys Spectris

Spectris is a UK-based manufacturer of precision instrumentation. Its products are used in a wide variety of industries‚ from medical imaging to the manufacture of printed CD coatings. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. Its products help customers improve their productivity‚ reduce downtime‚ and waste. Spectris' products are used in a wide variety of fields‚ ranging from the curing of printed CD coatings to the measurement of sound levels and particle contamination detection. Spectris recently announced the acquisition of a company called ASD. The company acquired the firm for a debt-free net consideration of $14 million. The company will use the cash to finance the acquisition‚ with the contingent consideration of up to $19 million payable to the sellers‚ based on the achievement of sales targets. ASD will become part of Spectris' Materials Analysis business. The acquisition will also merge the company with PANalytical and XRD‚ two suppliers of XRF spectrometry. Spectris has been a profitable business‚ with a PS135 million operating profit last year. Its debt is only PS201 million and its cash balance is close to a half-billion pounds. The acquisition also allows Spectris to expand its international reach and expertise while benefiting from Concept Life Science's organic growth and potential acquisitions. It is the perfect combination of both companies' strengths. Spectris is also acquiring Omega Engineering‚ a provider of sensing and control technology. The two companies share the same board of directors‚ which means the new CEO will be able to continue leading the business and bolster its margins. Omega will also become part of the Dwyer Group of companies‚ which is a portfolio company of Arcline Investment Management. The transaction is expected to close in the third quarter of 2022.

Spectris rallying on optimism about coronavirus vaccine

Spectris shares rallied last week on the positive results of a new coronavirus vaccine. The company recently agreed to sell its NDC Technologies unit for USD180 million to Nordson Corp‚ a coatings company in Westlake‚ Ohio. The stock's worst performer was John Wood‚ which reported a decline in first-half revenue. It also cited negative effects from the coronavirus pandemic in its earnings report.