On 27 May 2018, Smiths confirmed that it was in early discussions regarding a potential combination of its Smiths Medical business with ICU Medical Inc. (“ICU”). Smiths today announces these discussions have ended because the parties have been unable to agree the terms of a combination.
The Board recognised the complementary strengths of both businesses. However, it was important that any such combination did not undervalue Smiths Medical and its prospects.
In recent years, Smiths Medical has invested significantly in a substantial ongoing programme of new product launches. It will continue its strategy to focus on organic growth, investing in R&D to strengthen its portfolio of category-leading products, which are trusted by clinicians and patients around the world.
In parallel, Smiths will continue to review all options for its businesses to enhance its leadership positions and optimise value for Smiths shareholders.
Andy Reynolds Smith, Chief Executive of Smiths, said:
“We have ended discussions with ICU today after careful consideration and in the interests of our shareholders. Smiths Medical will continue to capitalise on the increased investment that it is making in new product development. We remain confident that our strategy for Smiths Medical will drive market outperformance and world-class competitiveness. Alongside continued active portfolio management across all our businesses, this will deliver long-term sustainable growth and attractive returns for our shareholders.”
Jemma Spalton, Smiths Group
+44 (0)20 7004 1637
+44 (0)78 6739 0350
Marion Le Bot, Smiths Group
+44 (0)20 7004 1672
+44 (0)75 8315 4386
Deborah Scott, FTI Consulting
+44 (0)203 727 1459
+44 (0)797 953 7449
Alex Le May, FTI Consulting
+44 (0)20 3727 1308
+44 (0)7702 443 312
About Smiths Group
Smiths Group is a global technology company listed on the London Stock Exchange (SMIN) and operates a sponsored level one ADR programme (SMGZY). A world leader in the practical application of advanced technologies, Smiths Group delivers products and services for the medical technology, security & defence, energy, space & commercial aerospace, construction, transportation and general industrial markets worldwide. Smiths Group employs c.22,000 colleagues in over 50 countries. For more information visit www.smiths.com.
About Smiths Medical
Smiths Medical is a leading supplier of specialised medical devices and equipment for global markets, focusing on the medication delivery, vital care and safety devices market segments. For more information visit www.smiths-medical.com.