21 March 2007
Smiths Group plc (Smiths) and General Electric Company (GE) announce that, following the Letter of Intent announced on 15 January 2007, they have signed a Formation Agreement, an important stage in the creation of Smiths GE Detection. As previously agreed, Smiths will own 64% and GE will own 36% of the new venture.
The transaction remains conditional on the approval of Smiths shareholders, certain regulatory approvals and a number of supplementary agreements between Smiths and GE that require additional detailed work and technical input. Smiths has agreed to pay GE a break fee of 35 million in certain circumstances.
With regard to the expected timetable to completion, it is anticipated that the preparation of the necessary audited financial information for the shareholder circular will take several months. Completion of the transaction is currently targeted for the second half of the 2007 calendar year.
General Electric Company
+1 203 373 3193
Russell Wilkerson
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
![Davinci Gen V Gen Front View[36]](/media/wlocq5n4/davinci-gen-v-gen-front-view-36.jpg?width=431&height=214&format=webp&quality=100&v=1dbb81c2473de50)
Smiths Interconnect launches ‘DaVinci Gen V’ next-generation test socket
Read our latest company news as Smiths Interconnect launches ‘DaVinci Gen V’ next-generation test socket
Find out more
Smiths Detection secures deal to supply systems to major cruise lines
Find out more
Smiths Interconnect expands EMEA cable harness production capacity
Smiths Interconnect, announces the expansion of its cable harness production capacity at its facility in Tunisia, an investment for growth in support of all its EMEA production sites.
Find out more
