Smiths Group has today sold its Air Movement and Cable Management businesses, part of the Industrial division, for 125 million in cash. The buyer is HSBC Private Equity.
Commenting on the disposal, Keith Butler-Wheelhouse, chief executive of Smiths, said:
This sale, which includes some businesses with a long association with Smiths, is a further step in the strategic re-focusing of Smiths Group. We have concluded the deal at the same time as completion of the Heimann Systems acquisition, further demonstrating our drive to match buys and sells where possible.
The Air Movement and Cable businesses have combined sales of 105 million and their principal operations are in the UK, employing some 970 people.
The Air Movement businesses supply high quality ventilation equipment for commercial, domestic and industrial applications. The trading names include Vent-Axia, Torin and Sifan Systems. The Cable Management businesses supply conduit systems, cable glands and other electrical control accessories, under the trading names Adaptaflex, Elkay and Kopex.
Smiths Group was advised by KPMG Corporate Finance and Allen & Overy. Smiths Group has market leading positions in aerospace systems, medical devices, mechanical and polymer seals, and interconnect products.
The acquisition of the X-ray detection business Heimann Sysytems was announced Mon 02 Dec; visit web site above for details .