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© smiths group Business | June 02, 2017

Smiths Group sell Morpho Detection’s former trace business

Smiths Group has entered into a binding agreement with OSI Systems, Inc to sell the explosive trace detection business formerly owned by Morpho Detection for an enterprise value of USD 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.

Deepak Chopra, the Company’s Chairman and Chief Executive Officer, said, “The acquisition of this ETD business is highly complementary to our current operations and this natural fit will enable us to better serve the unique needs of our customers seeking to secure airports, borders, public venues, and critical infrastructure. This acquisition fills a gap in our aviation checkpoint offering that currently includes passenger screening, carry-on baggage inspection, and automated tray return solutions.”

The ETD business, headquartered in Andover, Massachusetts, specialises in trace detection with a current worldwide installed base of approximately 11'000 units.

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July 08 2017 11:27 AM V8.5.6-1