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15 March 2004

Smiths Group is extending its aerospace business activities in specialist aircraft engine component fabrication with the acquisition of Dynamic Gunver Technologies (DGT).

Smiths Group has signed a binding agreement with DGTs owners. An agreement has been reached in principle for Smiths to acquire DGT for $102m (60m), payable in cash with funding from Smiths existing borrowing facilities, subject to relevant regulatory approvals.

"This acquisition continues Smiths' strategy of growth in our major markets," said Smiths chief executive, Keith Butler-Wheelhouse. "We continue to seek excellent opportunities to strengthen our presence through investing in new technology and new businesses".

Commenting on this significant expansion in the business, Dr John Ferrie, group managing director of Smiths Aerospace said, DGT provides a strong complement to our existing engine components business. This acquisition enables us to realise customer and product synergies across the businesses., while offering Offering complete engine sub-assembly modules will substantially increase the size of our addressable markets.

A privately owned manufacturer of aerospace turbine engine components headquartered in Manchester, Connecticut, DGT is an industry leader in complex metal fabrication and welding and laser machining and laser welding technology for aerospace applications, principally for US military engines.

Examples of the direct synergies between the two companies include flap and seal assemblies provided by DGT. These that complement fabrications currently manufactured by Smiths for engines powering F15 and F16 military aircraft as well as engines powering most commercial and regional jet aircraft. The business specialises in laser cutting, hydroforming, titanium hot sizing, electron beam EB welding, and complex multi axisCNC machining.


DGTs turnover in the financial year ending December 31, 2003 was $110M. The business employs approximately 500 people. DGTs customers include most major engine prime contractors as well as the US Government. DGT has been a supplier to Pratt & Whitney for more than 30 years and is a preferred supplier to both Pratt & Whitney Aircraft and Pratt & Whitney Canada.

DGT utilises a broad array of technologies to fabricate complex metal aircraft engine components. DGT specialises in thin wall hot section components made from exotic high temperature alloys and titanium. These families include combustors, flaps, seals and augmentor (afterburner) assemblies. DGTs capabilities will complement Smiths expertise in fabricating hot section products with high frequencies of replacement for large commercial and military engines.

The business has five manufacturing facilities totalling 250,000 sq. ft and approximately 500 employees. The headquarters facility is located in Manchester, Connecticut, with 4 satellite manufacturing facilities nearby. The five buildings total 250,000 sq. ft. and the business has approximately 500 employees. DGT also holds a majority interest in a manufacturing business in Poland that could offer Smiths opportunities for lower-cost production and entries into other European programmes.

Their owners, Howard Miller and Paul Polo, merged the two companies, Dynamic Metals and Gunver Manufacturing, respectively, in a leveraged recap sponsored by Jefferies Capital Partners in 1999. Gunver Manufacturing was founded in 1945 and Dynamic Metals was founded in 1963.

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