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© smiths group Business | June 05, 2017

Smiths Group divests Interconnect’s Microwave Telecoms business

Smiths Group has completed the sale of Smiths Interconnect’s Microwave Telecoms business (SMT), to Infinite Electronics Inc, a portfolio company of Genstar Capital, for an enterprise value of GBP 85 million.
SMT is a manufacturer of components, sub-assemblies, antennas and test system solutions, serving the communications, defence, medical, rail and energy markets. Products are primarily used to support the build-out and upgrading of wireless telecommunications infrastructure. SMT reported total revenues of GBP 78 million (EUR 89.4 million) in the year ended 31 July 2016, representing 18 percent of Smiths Interconnect’s total revenue, with operating profit of GBP 3 million (EUR 3.4 million).

Andy Reynolds Smith, Chief Executive of Smiths Group, said: “This divestment shows further progress in focusing Smiths Group’s portfolio as we reposition ourselves for long-term growth in markets where we can build leading positions. Having sold the Power business in January, we have now focused Smiths Interconnect on markets and customers where our advanced connector and microwave core technologies bring most value and potential. Since starting our programme, we have divested around £230 million of revenue and released over GBP 400 million of capital for reinvestment in opportunities that offer attractive levels of growth and value creation for the Company around the world.”

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September 15 2017 9:25 AM V8.7.1-2