Skip to main content

22 January 2018

Smiths Group plc (“Smiths Group” or the “Company”) today announces that it has reached an agreement to sell John Crane’s Bearings (‘Bearings’) business to Miba AG, a private Austrian company, for an enterprise value of $35m. The transaction is subject to the satisfaction of certain regulatory conditions and is expected to complete by the end of March 2018.

This divestment is part of the ongoing corporate 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.

The Bearings business manufactures and maintains hydrodynamic bearings for the power generation, oil & gas and general industrial markets. Bearings reported total revenue of $56m in the year ended 31 July 2017, with a 12% EBITDA margin and represented c.5% of John Crane’s total revenue.

Andy Reynolds Smith, Chief Executive of Smiths Group, said:

"This divestment shows further progress in focusing Smiths Group’s portfolio as we reposition ourselves for long-term growth in markets where we can build leading positions.

This is the second disposal in John Crane having sold Artificial Lift in September 2016. John Crane is now a more focused business leveraging its technology leadership and service network of over 200 sites across the globe.”

General media enquiries

Contact our global media and communications team at:

Tom Steiner

Tom Steiner

Head of External Communications

+44 (0) 20 7004 1600

Email Arrow right icon

Please note – the press team can only answer enquiries from accredited members of the press.

Related articles

Roland At MTC Signing

Smiths Group becomes member of the Manufacturing Technology Centre

Read our latest company news as Smiths Group becomes a member of the Manufacturing Technology Centre

Find out more Call to action arrow icon
Blue Box V2

John Crane launches next-generation Coaxial Seal

Find out more Call to action arrow icon
Smiths Group Foundation Logo On Orange Background

Smiths Group Foundation launches second round of charitable donations

Read our latest company news as the Smiths Group Foundation launches a second round of charitable donations

Find out more Call to action arrow icon
Sign up for updates Call to action arrow icon