The division will be bought by the Japanese Minebea Co. (Minebea) and partner, the Development Bank of Japan Inc.
Sartorius said the sales price will be fixed in early 2015. The parties agreed on a 7.5 multiple on the division’s 2014 operating EBITDA.
Focus on core business
Joachim Kreuzburg, CEO and chairman of the executive board of Sartorius, said the deal is an important cornerstone of the long-term strategy.
“Over the past years we have successfully positioned our Intec business as a specialist for industrial weighing and control technologies and have reached healthy profitability levels," he said.
“Under Minebea`s roof, this business will now gain the critical mass needed to further extend its footprint internationally, an important prerequisite for further growth.”
The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2015.
About Sartorius Intec
Sartorius Intec, formerly the Industrial Weighing division, provides industrial scales, tank and silo weighing, and checkweighing and inspection equipment.
The food and beverage sector accounted for 50% of the sales globally in the full portfolio, according to the firm in an interview with us in August.
It covers measurement and inspection equipment, such as high-capacity load cells, checkweighers, metal detectors and industrial scales.
The smallest division in the Sartorius Group, Intec recorded sales revenue of €102m for fiscal 2013.
It employs around 700 people worldwide, 350 of whom work at German sites in Hamburg, Aachen and Bovenden.
The Intec business will complement the Measurement Components business unit at Minebea, which will take on all Intec Division staff.