Smiths announces three acquisitions

Smiths Group plc has announced three acquisitions with a total consideration of £16 million in cash. These are in the Medical and the Specialty Engineering divisions and they are in line with the companys strategy for growth.

Smiths Medical has continued the consolidation of its global sales channels with the acquisition of its distributor, Sevit, in Italy, Europes fourth largest medical device market. The consideration was £3.5 million. The acquisition is part of the companys strategy to take more direct control of its sales channels in important markets. It also reflects the benefits of the recent acquisition of Medex, as Sevit will be combined with the existing Medex manufacturing and sales operation in Italy and will run by the enlarged business, Smiths Medical Italia.

Smiths Group has continued to develop the Flexible Technologies business of its Specialty Engineering division by acquiring two U.S. manufacturers to complement its product range and customer base. It has purchased Hi-Tech Hose Inc., based in Georgetown, Massachusetts for a consideration of £9 million and Farnam Custom Products of North Carolina for £3.5 million.

Flexible Technologies, part of the Specialty Engineering division of Smiths Group plc, offers a wide range of flexible hose and ducting for commercial and consumer air moving products and for the conveying of gas, liquid and airborne solids in the industrial processes. It is a leading supplier of vacuum cleaner hose. Ducting and heating elements are also offered for the HVAC and domestic appliance markets.

ENDS