Bond Issue

Smiths Industries PLC
15 May 2000


For the record.  The following press statement is being issued by Smiths
Industries to support the company's £150m bond issue, announced jointly by
Barclays Capital and UBS Warburg at 10.00am today, May 15.

Smiths Industries issues £150 million 
16 year, fixed rate bonds  

Smiths Industries plc today launched an issue of £150 million fixed rate bonds
maturing in 2016. The terms of the bonds have been finalised, with the coupon
set at 7 1/4 % per annum and the issue price at 98.96% of the par value of
£100.

Interest will be paid annually in arrears on 30 June each year, and with final
redemption on 30 June 2016. It is anticipated that the application for listing
will be granted by the London Stock Exchange during May and that dealing will
commence before the end of the month.

Smiths Industries has spent over $400 million so far this year on six
complementary businesses, stepping up the pace of its acquisition programme.
These businesses are largely in two areas: the control and management of
aircraft utilities within the Aerospace group; and, the development of
Interconnect activities, largely serving the fast growing mobile telecoms
market, within the Industrial group. Together, these businesses support the
company's continued growth.

The bond issue secures funding in part for these acquisitions and coincides
with the  publication of a credit rating of A- (A minus) by Standard & Poor's.
The agency confirmed that this rating reflected 'the company's diversified
business portfolio, solid positions in growing markets, sustainable free
cash-flow generation and conservative profile.'

Alan Thomson, the company's Financial Director, commented: 'These bonds have
proved attractive to investors. For the company, it means we can replace
short-term bank borrowings at variable cost with fixed rate debt which brings
greater certainty to our financial planning. We have fixed our cost on these
bonds at around 7% per annum. Our strong balance sheet and cash generation
will readily support continued expansion given the right opportunities in the
future.'

The issue of the bonds has been underwritten by the joint bookrunners,
Barclays Capital and UBS Warburg.

Smiths Industries is a world leader in advanced aerospace electronics, medical
systems and specialised industrial products. In 1999 the company reported
pre-tax profits of £241 million before goodwill amortisation, on turnover of
£1.3 billion.



Further information: 

Alan Thomson, Smiths Industries       020 8457 8277

Peter Mason, Smiths Industries        020 8457 8202


Jeremy Froud, Barclays Capital        020 7773 9634

Frank Kennedy, UBS Warburg            020 7567 4458       

Russell Plumley, Smiths Industries    020 8457 8203
                                      020 8992 9751 (Home)