2v technologies plc announces that it has agreed the sale of its non-core businesses, for a total cash consideration of £14.7m, to a newly formed company, SGX Sensortech Limited, backed by Baird Capital Partners Europe.

Keith Attwood, CEO of e2v, said:

“We are pleased to announce the successful sale of these non-core business areas which completes the previously announced strategic alignment of the group. As we move forward, we continue to focus our resources on e2v’s key growth areas as well as our regional expansion in the US and Asia.”

The non-core businesses comprise e2v Scientific Instruments based in High Wycombe, the industrial gas sensing business based at e2v’s Chelmsford facility and e2v microsensors SA based in Neuchetel Switzerland. They provide a range of professional sensing products for x-ray spectroscopy and gas sensing for automotive and environmental safety applications.

Total sales for these three combined business areas in the year to 31 March 2012 were £14.8m. Gross assets subject to the transaction are £14.6m, including goodwill and intangibles of £6.3m, and adjusted net operating profits attributable to the assets in the year to 31 March 2012 were £0.9m. The cash consideration will be used to reduce group indebtedness.

The sale of e2v Scientific Instruments and e2v microsensors SA has completed today. The completion of the sale of the industrial gas sensing business based at e2v’s Chelmsford facility is deferred for up to 12 months, deferring receipt of £0.7m of the total cash consideration which is held in escrow. A further £1.25m is also being held in escrow pending the performance of certain contractual obligations by e2v.