"Following the indication from David and John that they would like to sell their shares, my fellow directors and I have thoroughly considered various alternatives in partnership with our advisers,” said Sir David Grant, Senior Independent Non-Executive Director at Renishaw. “In considering these options the Board, including David and John, has had regard to the interests of all the Company's stakeholders. The Board has unanimously concluded that it would be appropriate to investigate the sale of the Company and is therefore launching a formal sale process.
The Board intends to seek a buyer who will recognise the value of Renishaw as an innovation-led business and respect the unique heritage and culture of the business, its commitment to the local communities in which its operations are based, and who will enable the Company to continue to prosper in the long-term."
Neither the company nor the founders are currently in discussions with any potential offeror or in receipt of a possible offer for the Company, and there can be no certainty that any offer will be made for the company, or even proposed, or as to the terms of any proposal or offer that may be made.
The company has been restructuring its business over the last year, particularly the 3D printing activity. Revenue for the six months ended 31 December 2020 was £255.1m, compared with £259.4m for the corresponding period last year.
“We achieved good revenue growth in our APAC region, where we continue to see strong demand for our encoder product lines which are benefitting from increased investments in the semiconductor and electronics capital equipment markets. We experienced continuing weaker demand in our EMEA and Americas regions, which have been affected by the ongoing uncertainty caused by the pandemic and consequent challenges to key sectors, particularly aerospace,” said McMurty.
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