London, 21 September 2018
For immediate release
Smiths Group divests Smiths Medical's sterile water bottling business
Smiths Group plc ("Smiths Group" or the "Company") today announces that it has reached an agreement to sell Smiths Medical's sterile water bottling business to Amsino Healthcare (USA), Inc., for an enterprise value of $40m, representing a 4x revenue multiple based on FY18 revenue. The deal is expected to complete in the first half of FY2019.
The divestment demonstrates further progress on the Group's ongoing programme to concentrate the portfolio on scalable market leading positions in the Company's chosen markets. The proceeds will be reinvested in attractive growth opportunities for the Company.
Andy Reynolds Smith, Chief Executive of Smiths Group, said:
"The sale of this business demonstrates further progress as we focus Smiths Group's portfolio on scalable market leading positions in our chosen markets.
With a strong portfolio of category leading products trusted by clinicians and patients around the world and with over 20 products launched in the last year, we are confident that our strategy for Smiths Medical will drive market outperformance and world-class competitiveness over the medium term."
Legal Entity Identifier (LEI): 213800MJL6IPZS3ASA11
About Smiths Group
Smiths Group is a global technology company listed on the London Stock Exchange (SMIN) and operates a sponsored level one ADR programme (SMGZY). A world leader in the practical application of advanced technologies, Smiths Group delivers products and services for the medical technology, security & defence, energy, space & commercial aerospace, construction, transportation and general industrial markets worldwide. Smiths Group employs c.22,000 colleagues in over 50 countries. For more information visit www.smiths.com.
About Smiths Medical
Smiths Medical is a leading supplier of specialised medical devices and equipment for global markets, focusing on the medication delivery, vital care and safety devices market segments. For more information visit www.smiths-medical.com.