10 March 2004

Smiths Group acquisition expands Detection technology base

Smiths Detection, one of the four operating divisions of Smiths Group plc, has extended the range of its detection technologies through the acquisition of Cyrano Sciences, Inc. for a consideration of $15 million plus an earn-out. Cyrano is an early stage technology company that has developed miniature sensors to detect and identify chemical vapours. The products will be used principally in the defence sector and in counter terrorism.

 

"Having built Smiths Detection into a world-leading business in a growth market, it is important that we maintain the momentum by broadening the technology base," commented Keith Butler-Wheelhouse, chief executive of Smiths Group. "Cyrano has developed a widely admired technology and will benefit from Smiths Detections strong position with government, military and industrial customers worldwide."

Cyrano has successfully developed miniature sensors using conductive polymer films deposited on a ceramic substrate. This next generation technology complements Smiths Detections ion mobility spectrometry, the core technology currently employed in its range of trace detection products.

Cyrano has already been awarded a substantial contract with the US Department of Defense and has recently been notified of allocations of a minimum $4.5 million from the US federal budget for further development activity.

Cyrano Sciences, Inc. is a venture capital backed business, based in Pasadena, California and has 23 employees. It was founded in 1997 by a team from the California Institute of Technology. The business has been renamed Smiths Detection - Pasadena Inc.

ENDS