Acquisition

RNS Number : 5565P

Smiths Group PLC

26 March 2009

 

News Release

London, 26 March 2009

For immediate release

JOHN CRANE BUYS BEARINGS FIRM

JOHN CRANE, a division of global technology business Smiths Group, today announces the purchase of Orion Corporation, a leading US-based designer and manufacturer of hydrodynamic bearings for energy and general industrial markets.  

The sale, which is from private owners for an undisclosed cash sum, is subject to regulatory approval in the US.

Headquartered in Grafton, Wisconsin, Orion complements and extends John Crane Bearing Technology - a business unit which was formed following the acquisition of a German-based bearings firm in October 2007.

Orion designs and makes hydrodynamic bearings for high speed turbine, generator, compressor and gear drive applications for the oil and gas, power generation and general industrial markets.  It reported sales in the region of US$50 million for the fiscal year ended 31 October 2008.

Paul Cox, President, John Crane, said: 'This acquisition illustrates our strategy to develop market-leading product lines that can be grown using our extensive global sales and service network.  Orion builds critical mass in John Crane's hydrodynamic bearing business and adds a manufacturing, sales and service base in North America to supplement our existing operations in Europe. This will establish John Crane as one of the leading manufacturers in the hydrodynamic bearings sector.' 

Orion employs 270 people at its facilities in Grafton, Wisconsin, and Columbus, Nebraska. 

The acquisition reflects the continued expansion of John Crane's range of solutions for high-performance rotating equipment, which includes such other product areas as mechanical seals and support systems, specialised filtration equipment and power transmission couplings. 

ENDS

Investor Relations 

Peter Durman

[phone]

Media 

Laura Guerin

[phone]

[phone] 

John Crane 
John Crane is part of Smiths Group, a global technology business. John Crane designs and manufactures seals and associated products mainly for the oil & gas, chemical, pharmaceutical, pulp & paper and mining sectors. Since being established over 80 years ago John Crane has become the acknowledged global leader in its field. Today it provides the most complete selection of engineered mechanical seals and sealing support systems for use in pumps, compressors and other rotating equipment, complemented by an expanding range of engineered bearings, filtration systems and power transmission couplings all of which are supported by the global John Crane sales and service network. John Crane is a globally recognised and trusted name. The John Crane business has 20 manufacturing sites and more than 6,000 employees, located in 50 countries. For further information visit www.johncrane.com

About Smiths Group 

Smiths is a global technology company listed on the London Stock Exchange. A world leader in the practical application of advanced technologies, Smiths Group delivers products and services for the threat & contraband detection, energy, medical devices, communications and engineered components markets worldwide. Our products and services make the world safer, healthier and more productive.

 

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