No Buyer for Renishaw as Yet
According to an article published by Bloomberg Hexagon, Schneider Electric and Siemens have all decided against pursuing Renishaw. The article states that Renishaw is seeking commitments from any new owners on research and development spending as well as maintaining local, high-quality manufacturing and jobs. Renishaw spent 66.6 million pounds on R&D in 2020, or 13% of revenue for the year, according to its annual report.
In early March Renishaw announced that its founders Sir David McMurtry and John Deer, Executive Chairman and Non-Executive Deputy Chairman, respectively have indicated to the Board their intention to sell their very substantial shareholdings in Renishaw. Together, the founders own approximately 53% of the issued share capital of the Company and have expressed a preference for the disposal of their entire combined shareholding.
In the announcement it was stated that the Renishaw Board intends to seek a buyer who will 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.
Since its foundation in 1973, the Company has grown into one of the world’s leading engineering and scientific technology companies, with expertise in precision measurement and healthcare. At the heart of everything the Company does lies a culture of innovation and a fundamental belief that success comes from patented and innovative products and processes, high quality manufacturing, and the ability to provide local customer support in all its markets around the globe. This has resulted in a long-term track record of strong operational and financial performance, bringing significant economic and social benefits to its local communities.
For more information: www.renishaw.com
