Hexagon Sells Precision Measurement Instruments Business

Digital reality solutions company Hexagon has entered into an agreement to sell its Tesa PMI (Precision Measurement Instruments) business to Hangzhou Great Star Industrial Company Ltd. The divestment, Hexagon said, is in line with its strategy to focus on core business activities. Hexagon said that PMI contributed revenues below group average profitability to the parent company's manufacturing intelligence division last year.

PMI develops and manufacturers a range of precision measuring equipment, software, and standards, including optical flats.

According to Hexagon’s Q3 2023 Interim Report, the company also divested a company within its Safety, Infrastructure and Geospatial division during the quarter. Hexagon acquired digital twin creation firm LocLab in December 2022 — one of four acquisitions it has announced in the last year.