Acquisition

Smiths Group PLC 17 May 2005 Smiths acquires U.S. bio-technology detection company Smiths Group today announced that it is adding to the range of technologies offered by its Detection division by acquiring ETI Technology Inc., a U.S.- based, privately owned company that specialises in the detection of harmful biological agents. Smiths is acquiring the business for $4 million, in cash, plus a deferred performance-related consideration up to a maximum of $4.5 million, and closure is subject to U.S. regulatory approval. ETI has developed optical sensors that perform initial screening to identify and classify harmful agents. This capability will enhance the equipment used by military forces, by emergency response teams and in critical infrastructure applications. The company was formed in 1997, in Boston, MA and holds multiple US patents and patent applications. Smiths Detection has already worked closely with ETI, for two years, on a major UK military programme. Commenting on the acquisition, Keith Butler-Wheelhouse, chief executive of Smiths Group, said, 'The acquisition further strengthens the position of Smiths Detection as a technology leader. The application of techniques developed by ETI will add new capabilities to the activities offered by Smiths Detection in both the civil and military markets.' 'ETI has a very successful record, providing new technologies that will enhance our bio product range,' said Stephen Phipson, Group managing director, Smiths Detection. This acquisition will strengthen our position in meeting the requirements of some major Government programmes, while offering exciting possibilities in other markets in the longer term.' 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 Smiths Detection offers technologically advanced security solutions to detect and identify explosives, chemical & biological agents, weapons and contraband. Employing trace detection technology together with Smiths Heimann x-ray imaging, Smiths Detection provides screening solutions for customers in civil and military markets worldwide. - Ends - Contacts Business & Financial Press Caroline Harris +44 (0)20 8457 8306 Trade and Technical Press Richard Bayliss +44 (0)1923 658106 Investor Relations Russell Plumley +44 (0)20 8457 8203 Notes to Editors: ETI's patented biosensors uniquely enable detection without the use of added fluids and can operate remotely with no user intervention. They can rapidly detect, distinguish and quantify groups of biological agents such as bacteria, bacterial spores, toxins and viruses. The approach is a departure from other sensors that identify a single organism. When configured as a multi-sensor array, the ETI technology provides a real-time snapshot of microbes and chemicals present in the environment. The technology has already performed well in testing, in both the US and UK. This information is provided by RNS The company news service from the London Stock Exchange
UK 100