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
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