4 May 2007
Smiths Group plc today announces the completion of the $4.8 billion sale of its aerospace businesses to General Electric Company in line with the terms set out in the Circular to Shareholders dated 30 January. Completion follows regulatory approval from all relevant authorities including the European Union and the US.
Commenting on the sale, Smiths Group chief executive Keith Butler-Wheelhouse said: "We are delighted to have completed this transaction which delivers on the Boards objective to create superior shareholder value. Looking forward, Smiths is focused on the high growth detection, medical devices, energy and communications markets. We are now well positioned to capitalise on opportunities to deliver enhanced returns and strong cash conversion."
As announced on 15 January, Smiths proposes to return 2.1bn to shareholders by means of a B share scheme accompanied by a share consolidation, the details of which will be set out in a Circular to be sent to shareholders in the near future.
General media enquiries
Contact our global media and communications team at:
Please note – the press team can only answer enquiries from accredited members of the press.
Related articles
Smiths Detection unveils new mobile threat detection technology
Our latest Smiths Group press release outlines news that Smiths Detection has launched a new mobile threat detection screening solution
Find out moreSmiths Detection accelerates partnership with SeeTrue
Read more on Smiths Detection's partnership with SeeTrue, integrating AI technology into its advanced CT security checkpoint systems.
Find out moreJohn Crane awarded 5-year maintenance contract from SK Advanced in South Korea
Read our latest company news as John Crane announces a new 5 year contract with SK Advanced, South Korea
Find out more