Renishaw No Longer Engaged in Sale Process
WOTTON-UNDER-EDGE, England, July 7, 2021 — In a message to investors, metrology equipment company Renishaw stated it is no longer seeking a sale. The company announced earlier in the year that founders David McMurtry and John Deer would be selling their majority in the company. After reviewing offers, the company decided against the sale.
In a July 7 announcement, the company stated, “The Board carefully reviewed a number of proposals with its advisers and unanimously concluded that none would meet the Board’s objectives of delivering an outcome that satisfactorily met the interests of all stakeholders. Sir David McMurtry and John Deer have indicated to the Board they remain committed to Renishaw and have no intention of selling their shares on the market for the foreseeable future.”
The company also shared strong trading performance in the revenue cycle for the financial year ending in June 2021. Expected revenue for the cycle is anticipated to be in the range of £562 million and £567 million ($773.14 million and $780.22 million), and adjusted profit (before tax) to be in the range of £116 million and £121 million ($159 million and $166.53 million).
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