Renishaw Founders Seek Buyer for $7 Billion Engineering Firm
(Bloomberg) -- Renishaw Plc is putting itself up for sale after the two founders of the almost 50-year-old British engineering firm said they wanted to sell their combined majority shareholdings.
Executive Chairman David McMurtry and Deputy Chairman John Deer, who together own about 53% of the company, told the board they prefer to shed their stakes entirely, Renishaw said in a statement Tuesday. Shares of the Gloucestershire-based firm soared as much as 20%, valuing the company at 5.05 billion pounds ($7 billion).
Renishaw’s main business is selling precision measurement products that help manufacturers produce and inspect components and keep machinery and industrial automation systems running. It also specializes in 3D printing parts from metal powder and sells to a diverse set of industries, from aerospace and automotive to energy, electronics and health care.
McMurtry, 80, and Deer, 83, declined an interview request through a spokesperson. At Tuesday’s intraday high, their stakes were worth 1.83 billion pounds and 838.4 million pounds, according to data compiled by Bloomberg.
“We are both grateful for our continued good health, however we recognize that neither of us is getting any younger,” McMurtry said in the statement. Renishaw’s board will look for a buyer who “respects and will continue to nurture” the company’s culture, presence in the communities it operates and commitment to research and development, he said.
Renishaw hasn’t been in discussions with suitors and there’s no certainty an offer will be made. UBS Group AG is acting as the sole financial adviser and corporate broker to the company.
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