Smiths' acquisitions step up enlargement
Tuesday 03 June 1997
The company is spending a total of pounds 33m cash for PolyPhaser Corporation, a US company specialising in lightning protection for telecoms equipment, and Torin Holdings, a UK-based maker of ventilation and air movement products.
The two acquisitions bring the total spent since 1991 on the enlargement of the industrial division to pounds 273m. Since 1991, the division's annual sales have grown to pounds 328m and profits have grown to pounds 50m.
Keith Butler-Wheelhouse, chief executive of Smiths, said: "Greater focus on business areas where we can achieve market or technological leadership is the recipe for the industrial group's success.
"These two additions clearly enhance that process. They add more than pounds 20m to sales and broaden the range of markets we can serve. Both are expected to make a positive contribution to Smiths Industries' earnings in their first full year."
PolyPhaser is based near Reno, Nevada, and employs 140 people. It is one of the world's leading makers of lightning protection components and systems, principally for the wireless cellular telecoms industry.
Smiths has paid $28.7m (pounds 17.6m) for PolyPhaser and has acquired net assets valued at $7.2m. In 1996 the business made an operating profit of $4m.
Torin Holdings is being bought for pounds 15.5m. It sells its products primarily to original equipment manufacturers for use in computers, business machines, and heating/ventilation equipment for industrial and domestic applications. Its product range complements the activities of Smiths Industries' Vent- Axia division, which is the leading UK supplier of fans to the domestic, commercial and industrial markets, as well as fans for domestic central heating boilers.
Based at Swindon, Wiltshire, Torin employs 155 people, and is owned by the management, which is backed by institutional investors, with 3i the lead institutional shareholder.
Fracking is turning the US into a bigger oil producer than Saudi Arabia
Missing Malaysia Airlines plane: Details emerge of two young Iranians using stolen passports in search for a better life
Three-quarters of Britons are saying it wrong - the top ten most common mispronunciations
Oscar Pistorius trial: Athlete's friend asked him if 'he was f***ing mad' after shooting through sunroof
How climate change helped Genghis Khan: Scientists believe a sudden period of warmer weather allowed the Mongols to invade with such success
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
Exclusive: Impact of immigrants on British workers ‘negligible’
Katie Hopkins continues campaign to become Britain's most hated talking head with poorly timed Bob Crow tweet
Ukraine crisis: Russia pledges to 'retaliate against sanctions' as Ukrainian president says Crimea vote will not be recognised
The quiet diplomat: Catherine Ashton - recognised and admired in all the world’s troubled countries, yet ridiculed at home
Grace Dent: Who cares if she spells it Barraco Barner? Gemma Worrall is more employable than some bookish arts graduate
- 1 Three-quarters of Britons are saying it wrong - the top ten most common mispronunciations
- 2 Watch: The student election Macklemore parody that isn't completely awful - and all the others that are
- 3 Son attacks Apple after it refuses to unlock his late mother’s iPad
- 4 Grace Dent: Who cares if she spells it Barraco Barner? Gemma Worrall is more employable than some bookish arts graduate
- 5 First Kiss: Filmmaker gets 20 strangers to make out on YouTube with awkward results
iJobs Money & Business
£1000 per month: Inspiring Interns: The company works with Tier 1 FTSE 100 Ban...
£35000 - £60000 per annum + Bonus + Benefits: Pro-Recruitment Group: You must ...
£60000 - £80000 per annum + BONUS + BENEFITS: Harrington Starr: A top, City ba...
VOLUNTARY ONLY - EXPENSES REIMBURSED : Reach Volunteering: Fantastic opportuni...