The Smith Group has agreed to sell its medical sector to US private equity firm TA Associates for $ 2.3 billion as the UK conglomerate seeks to focus on industrial technology.
The FTSE 100 Group will receive $ 1.8 billion in net cash revenue from the sale, will hold a 30% stake in the division, and expect last year’s sales to reach £ 918 million. The total could increase by $ 200 million depending on future performance.
In 2018, the UK group announced its intention to separate Smiths Medical, which manufactures specialized medical devices and disposable devices, to focus more on industrial technology, but eventually sold it without splitting its business.
Source: California News Times
By Ishwar kimmins
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