FRANKFURT, Sept 10 (Reuters) - German measuring technology group Schenck Process is being put up for sale by its private equity owner in a potential deal worth more than 1.4 billion euros ($1.7 billion), three people close to the matter said. Buyout group Blackstone, which bought the Darmstadt-based group in 2017, is working with Goldman Sachs on the auction, which is expected to kick off shortly and target peers as well as other buyout groups. Blackstone and Goldman Sachs declined to comment. Schenck Process makes factory gear to weigh, filter or dose substances, catering to industries such as mining, construction, chemicals and food processing. It is being marketed off full year core earnings of about 120 million euros and could be valued at more than 12 times that in a potential deal, the sources said. In the first half of 2021, Schenck Process saw adjusted earnings before interest, tax, depreciation and amortization of 43 million euros on sales of 311 million euros. Schenck Process was founded in 1881 and acquired by Duerr in 2000, before the company was sold to private equity firm HgCapital and later to peer investor IK. The company has grown through a string of acquisitions in the last years, including that of powder processing and handling equipment supplier Process Components in 2018 and of food processing equipment maker Baker Perkins in 2020. $1 = 0.8450 euros Reporting by Arno Schuetze Editing by Mark Potter Our Standards: The Thomson Reuters Trust Principles.