Smiths Group plc today announces the completion of the $4.8 billion sale of its aerospace businesses to General Electric Company in line with the terms set out in the Circular to Shareholders dated 30 January. Completion follows regulatory approval from all relevant authorities including the European Union and the US.
Commenting on the sale, Smiths Group chief executive Keith Butler-Wheelhouse said: "We are delighted to have completed this transaction which delivers on the Boards objective to create superior shareholder value. Looking forward, Smiths is focused on the high growth detection, medical devices, energy and communications markets. We are now well positioned to capitalise on opportunities to deliver enhanced returns and strong cash conversion."
As announced on 15 January, Smiths proposes to return 2.1bn to shareholders by means of a B share scheme accompanied by a share consolidation, the details of which will be set out in a Circular to be sent to shareholders in the near future.