A Sheffield-based manufacturer of sensors has been acquired by a global electronics company for £7.5m.
Roxspur Measurement and Control, of Downgate Drive, Brightside, was snapped up by TT Electronics of Weybridge for £7.5m in cash with up to a further £2.5m payable based on the performance of the business to the end of 2015.
Roxspur makes temperature, flow, pressure and level sensors for sectors including oil and gas, power, water and materials processing. For the 12 months to June 30 2014, it achieved sales of £8.2m and an operating profit of £0.9m.
TT Electronics customers include Rolls Royce, Tata and British Energy.
Group chief executive Richard Tyson said: “We have a clear strategy to achieve organic growth and improve margins. We are actively looking for opportunities to accelerate this organic development with complementary acquisitions, including in industrial sensing and control. Roxspur brings us new customers and additional capabilities. We look forward to working the employees to develop the business and I would like to welcome them to the group”