Oxford Instruments sells US business for £11.5m

Oxford Instruments said it had sold its OI Healthcare business in the US to MXR Imaging for a $15m (£11.5m).

Oxford, which supplies industrial companies and scientific research communities, said the sale supports its ongoing strategy to focus on chosen markets with long-term growth drivers "where we can uphold or develop leading positions".

"This sale will allow us to continue enhancing our ability to deliver further growth and margin improvement while maintaining a customer-centric approach," the company said on Monday.

The OI Healthcare business sells, services and rents third-party magnetic resonance imaging and computer tomography machines, with offices in Florida, Michigan and California.