Safran sets 'final' on Morpho divesture

Almost 1 year ago (April 21, 2016) Safran agreed to sell Morpho Detection LLC, a US-based subsidiary of Safran, and other detection related activities to Smiths Group plc for an enterprise value of USD 710 million. Morpho Detection will become part of Smiths Group plc's Detection segment, which designs and manufactures sensors that detect and identify explosives, weapons, chemical agents and other contraband. "Morpho Detection is in a number of detection segments and global markets and very well positioned to benefit from attractive trends in its end markets. We believe it will be a very valuable addition to Smiths Group's portfolio" said Philippe Petitcolin, Chief Executive Officer of Safran. "This transaction is in line with our announced strategy to focus our development on the aerospace and defense markets." "The threat environment for people and critical infrastructure around the world is constantly evolving and becoming more complex and sophisticated. The response, to keep people safe and the world running, demands cutting-edge technology and cost-efficient solutions" said Andrew Reynolds Smith, Chief Executive of Smiths Group plc. "Morpho Detection is a high quality business with a strong management team, and I am convinced that this combination provides a compelling competitive platform for product, service and technology leadership. The acquisition is consistent with our approach to increasingly focus investment in highly attractive technology-led markets, and will create significant value for shareholders and position us for long-term growth."