Smiths Group intention to separate Smiths MedicalSource: RNS
London, 14 November 2018
For immediate release
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Smiths Group plc ("Smiths" or the "Group")
Intention to separate Smiths Medical and focus Smiths on Industrial Technology
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 announces 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 of Smiths, said:
"This is an exciting development for Smiths and Smiths Medical. This planned separation will strengthen both Smiths and Smiths Medical as they each focus on accelerating the execution of their plans and maximising the opportunities in their respective markets.
Following our focus on operational improvements and increased investment, we believe it is now time to prepare the separation of Smiths Medical from the rest of the Group. Smiths Medical is well positioned to capitalise on its leadership positions and the investments made in the business.
Smiths will concentrate on executing on its growth strategy as a global leader in Industrial Technology, driving maximum value for our shareholders."
Management will be holding a conference call for analysts and investors at 8.00am (UK time) today.
Dial in details:
UK toll free: 0800 358 9473
International: +44 333 3000 804
United States toll free: +1 855 85 70686
Participant PIN code: 71570689#
An audio replay is available for seven days on the following numbers (access code 301259691#):
UK toll free: 0800 358 2049
International: +44 333 300 0819
United States toll free: +1 844 307 9361
Jemma Spalton, Smiths
+44 (0)20 7004 1637
+44 (0)78 6739 0350
Marion Le Bot, Smiths
Deborah Scott, FTI Consulting
Alex Le May, FTI Consulting
Legal Entity Identifier (LEI): 213800MJL6IPZS3ASA11
About Smiths Group plc
Smiths is a global technology company listed on the London Stock Exchange (SMIN) and operates a sponsored level one ADR programme (SMGZY). Its businesses share common characteristics (well-positioned in growing markets, technology-led, asset-light, digitising, with a high proportion of aftermarket revenues) and a common operating model (The Smiths Excellence System). 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 medication delivery, vital care and safety devices. For more information visit www.smiths-medical.com.
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