Acquisition
Smiths Group PLC
01 July 2004
News Release
London, 1 July 2004
Smiths strengthens medical business with acquisition of US respiratory care
device company for $55 million
Smiths Medical, one of the four operating divisions of Smiths Group plc, today
announced that it has completed the acquisition of the US respiratory care
device company DHD Healthcare, for a total of $55 million (£30 million) from
Riverside Capital of Cleveland, Ohio. DHD products are widely used to care for
the respiratory needs of patients in a variety of therapeutic and critical care
applications. Smiths satisfied the acquisition in cash.
Commenting on the acquisition, Keith Butler-Wheelhouse, chief executive of
Smiths Group said; 'This purchase once again underlines our intent to pursue a
strategy of profitable growth through the acquisition of high growth businesses
which complement or expand our product portfolio, and through investment in
research and development.'
Lawrence Kinet, managing director of Smiths Medical added: 'DHD's world class
respiratory products will complement and extend the Smiths Medical airway range
with high-growth, novel, respiratory care devices. We are pleased to welcome DHD
and its innovative, therapeutic products into Smiths Medical'.
DHD Healthcare, with 118 employees based in Wampsville, New York State, achieved
sales of $21.2 million in the last 12 months, with EBITDA at $6.1 million in the
same period.
Smiths Group designs and manufactures safety critical systems and products, and
has market leading positions in aerospace systems, detection systems, medical
devices, mechanical seals, and interconnect products.
For further information, visit www.smiths-group.com
Contact:
Smiths Group Investor Relations
Bernard Carey Russell Plumley:
Tel: +44 (0)20 8457 8403 Tel: +44 (0)20 8457 8203
Caroline Harris
Tel: +44 (0) 20 8457 8306
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Notes to editors:
DHD Healthcare's products include positive expiratory pressure therapy products
used in cases of chronic lung disease; incentive spirometers used
post-operatively to improve lung function: and devices used to help patients
inspire nebulised drugs from an inhaler. DHD's award-winning acapella(R) product
range has been enthusiastically received by patients around the world. In late
2003, DHD acquired a range of specialised nebulisation systems, incorporating
heaters and humidifiers, and oxygen delivery products.
The Riverside Company, with offices in New York, Cleveland, Dallas and San
Francisco, is the leading private equity firm investing in premier companies at
the smaller end of the middle market. Riverside's current portfolio numbers 26
companies. For more information, visit www.riversidecompany.com
Smiths Medical, a division of Smiths Group plc, is a world leader in the design,
manufacture, and distribution of medical devices used in infusion therapy,
including ambulatory infusion pumps, large volume infusion pumps, implantable
access systems, dialysis and infusion catheters, needles, and insulin delivery
systems.
This information is provided by RNS
The company news service from the London Stock Exchange