Radio Waves Acquisition

Smiths Group PLC
19 December 2000


US acquisition extends Smiths activities in wireless broadband communications 

Smiths Group plc is expanding its interests in specialised equipment for
wireless broadband communications, with the $25.2 million (£17.1m) acquisition
of Radio Waves, Inc.   A leading US supplier of antennas for high frequency
microwave communications, Radio Waves is the fifth interconnect products
acquisition by Smiths this year, at a total cost of $156 million (£100m).

Commenting on the latest acquisition, chief executive Keith Butler-Wheelhouse
said:
'Wireless telecoms is the world's fastest growing industrial sector and, by
assimilating specialist businesses such as Radio Waves, Smiths is making a
determined and successful effort to become a major player in that market.
Radio Waves is a company matching Smiths' target profile, including strong
market shares for its main products and technical superiority in electronic
components used in the wireless telecoms infrastructure.

'This deal also shows that we are continuing our programme of medium-size
bolt-on acquisitions, in parallel with the successful merger and current
integration process with TI Group.'

Smiths' investment programme in the wireless telecoms sector this year has
included US businesses making interconnect devices to protect sensitive
electronic circuits and control signal strength. Radio Waves will operate
alongside these, as well as existing businesses making complementary products
including microwave cable.  This will enhance Smiths' opportunities to provide
customers with a wider product range as an integrated package.

Founded in 1983, Radio Waves designs and manufactures a range of antennas for
terrestrial microwave applications, including telecommunications, data
communications, private networks and broadcasting.   Annual sales growth in
excess of 25% has been achieved by the company in each of the last four years,
resulting from the high levels of investment in the infrastructure required
for wireless broadband telecommunications. Radio Waves has annual sales of
approximately $17 million, is privately owned and employs some 70 people at
its facility near Boston, Massachusetts.

The consideration of $25.2 million was paid in cash and completion of the
acquisition was simultaneous with the signing of the purchase agreement.   

In addition to Radio Waves, the four interconnect companies that have been
acquired by Smiths this year, are Sabritec, EMC Technology, LEA International,
and Florida RF Labs.  They are all US businesses.

Smiths is a global business with market-leading positions in each of its four
business sectors: advanced aerospace systems; mechanical and polymer seals;
healthcare devices and critical care equipment; and air moving and specialised
interconnect products. Further information on Smiths can be found on the
company's website: www.smiths-group.com.


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Richard Bayliss
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