Smiths Group plc (“Smiths Group”) today announces that it has entered into a binding agreement with OSI Systems Inc to sell the explosive trace detection business formerly owned by Morpho Detection (the “Trace Business”) for an enterprise value of $75.5 million.
In connection with its acquisition of Morpho Detection from Safran, Smiths Group had made commitments to the European Commission (“EC”) and the Department of Justice (“DOJ”) to sell the Trace Business. The sale is conditional upon regulatory approval in Portugal and the approval by the EC and DOJ of OSI Systems Inc as a suitable purchaser. Completion is expected in mid-2017.
Marion Le Bot, Smiths Group
+44 (0)20 7004 1672
+44 (0)75 8315 4386
Andrew Lorenz, FTI Consulting
+44 (0)203 727 1323
+44 (0)777 564 1807
Deborah Scott, FTI Consulting
+44 (0)203 727 1459
+44 (0)797 953 7449
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 threat & contraband detection, medical devices, energy and communications markets worldwide. Smiths Group employs more than 22,000 people in over 50 countries. For more information visit www.smiths.com.
This announcement contains certain statements that are forward-looking statements. They appear in a number of places throughout this announcement and include statements regarding our intentions, beliefs or current expectations and those of our officers, directors and employees concerning, amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the business we operate. By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of preparation of this announcement and, unless otherwise required by applicable law, Smiths undertakes no obligation to update or revise these forward-looking statements. Nothing in this document should be construed as a profit forecast.
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