Acquisition

Smiths Group PLC
21 March 2005


               Smiths completes $925 million acquisition of Medex


Smiths Group today confirmed that it has completed the acquisition of Medex Inc,
the US medical devices company.  The consideration comprised $655million for the
shares, satisfied in cash, and the assumption of net debt of $270million.  The
sellers were One Equity Partners, a division of JP Morgan Chase & Co, with 83%
of the equity, and the management of Medex, who held the remainder.  Completion
followed the clearance by regulatory authorities in all countries where it was
required.

Commenting on the acquisition, Keith Butler-Wheelhouse, Chief Executive of
Smiths Group said: 'Medex is a first rate company.  It is an excellent strategic
fit and we have secured it at a good price.  This transaction is a significant
step in the continuing evolution of Smiths, and moves us into the medical
devices big league.'

Medex will be integrated into Smiths Medical and the combined business will hold
a strong position in the market for critical care devices used in healthcare
systems around the world.  Smiths Medical is a leading supplier of devices and
equipment used in hospitals and other locations providing intensive and
continuing care for patients.

Smiths Group designs and manufactures safety-critical systems and products, and
has market leading positions in aerospace, detection systems, medical devices,
mechanical seals and interconnect products.  For further information visit
www.smiths-group.com.

                                      -o-


Media:                                      Investors:
Caroline Harris                             Russell Plumley
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