24 November 2004

Smiths Group completes acquisition of U.S. aerospace company for $110 million

Smiths Group today announced the completion of the acquisition of Integrated Aerospace Inc., a privately owned, California-based supplier of specialist landing gear systems, as earlier disclosed, for $110m (61m).

This follows approval from the U.S. regulatory authorities. Smiths Group is satisfying the acquisition in cash funded from the companys existing resources.

Integrated Aerospace is a leading, sole-source supplier of landing gear products for small aircraft including U.S. military helicopters, fighter aircraft, business jets and unmanned aerial vehicles (UAVs). Examples include the F/A-18 Hornet and Super Hornet and the UH-60 Black Hawk. The company is also the technology leader in external fuel tanks for fighter aircraft and helicopters.

Smiths chief executive, Keith Butler-Wheelhouse said: "This acquisition, our seventh in 2004, once again underlines Smiths strategy of profitable growth through the acquisition of businesses with technologies and products which complement or expand our offering to the customer."

ENDS