BRKS - Brooks Automation reports Q1 beats with upside guidance announces business separation

Brooks Automation (BRKS) intends to split the business into two independent, publicly-traded companies: a pure-play life sciences company and an automation technology company. The latter will retain the Brooks Automation name, and the life sciences business will be renamed before the separation is complete.BRKS shares are up 2.6% after hours.Brooks plans to complete the separation before the end of the year.The transaction will be structured as a pro-rata distribution of shares to Brooks shareholders.The life sciences business generated $449M in revenue in the year leading up to March 31. The automation business had $553M in sales during that period.Current Brooks CEO, Steve Schwartz will lead the standalone life sciences company and CFO Lindon Robertson will serve as CFO.Following the separation, Semiconductor Solutions Group president Dave Jarzynka will be CEO of the new Brooks Automation. Current corporate controller and principal accounting officer Dave Pietrantoni will be CFO.Brooks also reported fiscal Q2 results that

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Brooks Automation reports Q1 beats with upside guidance, announces business separation