14 August 2003

Smiths Sells German Ducting Business

Masterflex AG Gelsenkirchen has signed an agreement with Flexschlauch GmbH, a wholly owned subsidiary of Smiths Group plc, to acquire the assets of Matzen & Timm, which is located in Hamburg. Matzen & Timm is a trading division of Flexschlauch, a company registered in Lbeck, which operates within Smiths Specialty Engineering Division.

Subject to the conditions of Closing, the acquisition will take economic effect from 1st September 2003.

By execution of this acquisition, Masterflex AG completes its product portfolio by offering a full range of high-tech flexible tube systems. Matzen & Timm supplies, inter alia, the international aeronautical industry with highly specialised products such as flexible tubes and formed components. Matzen & Timm has approximately 50 employees.

ENDS