The measurement system company Hexagon's stock rises by over 8 percent on the Stockholm stock exchange. The price surge comes after the board of directors has given the management the task of evaluating a possible spin-off of Asset Lifecycle Intelligence – referred to as Newco.
The business that the board wants to consider spinning off – to the shareholders – is a software supplier with approximately 5,000 employees and an annual turnover of around 980 million euros, according to a press release.
"We believe that Hexagon and Newco will increasingly move in different directions, so running both as independent companies with a strong focus on their respective target markets and technologies will significantly strengthen the competitive advantages and add value to both businesses," says Ola Rollén, Chairman of the Board of Hexagon, according to the press release.
Hexagon without Newco would have around 19,600 employees.
