Smiths Group (LON:SMIN) today announced that management expectations for the full year remain unchanged, based on its first quarter performance. Revenue for the three months ended 31 October for Continuing Operations1 was up 11% on an underlying2 basis. This reflected: · Continued good growth in John Crane in both original equipment and aftermarket. · Strong growth in Smiths Detection, helped by previously announced contract …
Smiths Group plc (LON:SMIN) announced today that the Trustee of the Smiths Industries Pension Scheme has entered into a bulk annuity buy-in agreement with Canada Life. Demonstrating the Company’s commitment to de-risking its pension liabilities, the buy-in policy covers liabilities totalling £176m relating to over 2,000 legacy Scheme pensioners and dependants. This is the Scheme’s second such policy with Canada …
Smiths Group plc (LON: SMIN) has today announced the appointment of JehanZeb Noor as Chief Executive Officer of Smiths Medical. JehanZeb will be part of Smiths Group’s Executive Committee and report to Andy Reynolds Smith, CEO of Smiths Group plc. JehanZeb will take up the role on 1 July 2019 and will oversee the separation of Smiths Medical, which is …
Smiths Group plc (LON:SMIN), today announced interim results for the half year ended 31 January 2019 Highlights · Delivering further good growth: o Underlying revenue up 2% to £1,573m; up 3% excluding Smiths Medical. Reported revenue up 2% driven by good growth in John Crane, Flex-Tek and Smiths Interconnect. · Focused on operational excellence: o Underlying headline operating profit down …
Smiths Group plc (LON:SMIN) announced its intention to pursue a demerger of the Smiths Medical business and separately list it in the UK. Smiths expects to complete the process during the first half of CY2020, conditional on the approval of Smiths’ shareholders. The Board will continue to evaluate all opportunities for value maximisation as the process goes forward, with the …
Smiths Group Plc (LON:SMIN), The Board of Smiths regularly reviews all options for the Group’s businesses to enhance its leadership positions and maximise value for Smiths shareholders. It announced today that it intends to separate Smiths Medical from Smiths Group plc.
– Enable Smiths to concentrate on growing as an Industrial Technology group, united by shared business characteristics and a common operating model; and
– Free Smiths Medical to deliver on its full potential, capitalising on its leading positions, large programme of new product launches and to exploit value creating opportunities in its rapidly changing market.
Separation planning, which is at an early stage, will be undertaken in parallel with the continued execution of the Group’s overall growth strategy.
We will provide an update on the details of the planned separation with the Group’s interim results in March 2019.
Andy Reynolds Smith, Chief Executive
Smiths Group plc (LON:SMIN) today announced that it has entered into an agreement to acquire United Flexible, Inc., a provider of flexible and rigid engineered solutions for the transfer of fluids and gases in performance-critical environments, from Arlington Capital Partners for an enterprise value of $345m.
United Flexible will be integrated into the Group’s Flex-Tek division. The acquisition strengthens Flex-Tek’s positions in aerospace and industrial end markets globally. United Flexible already supports important aerospace platforms, including the A320neo and PW1000G and F135 engines. It has 4 operations in the US and 3 in Europe, which will enhance Flex-Tek’s geographic footprint.
In the 12 months to 31 December 2018, United Flexible is expected to generate sales of $157m and adjusted EBITDA of $32m.
The acquisition consideration will be payable from existing cash and bank facilities. Completion of the acquisition is expected to take place in the second
Smiths Group Plc (LON:SMIN), today announced the annual results for the year ended 31 June 2018.