Smiths' acquisitions step up enlargement

Smiths Industries yesterday made two acquisitions, one on each side of the Atlantic, in a move that further enlarges its industrial division.

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.

Start your day with The Independent, sign up for daily news emails
News
newsAnother week, another dress controversy on the internet
Sport
Dave Mackay lifts the FA Cup in 1967 having skippered Spurs to victory
football
Life and Style
Scientist have developed a test which predicts whether you'll live for another ten years
health
Life and Style
Marie had fake ID, in the name of Johanna Koch, after she evaded capture by the Nazis in wartime Berlin
historyOne woman's secret life as a Jew in wartime Berlin
ebooks
ebooksA special investigation by Andy McSmith
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Ashdown Group: Junior Application Support Analyst - Fluent German Speaker

£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...

Recruitment Genius: Customer Service Advisor

£15000 - £16000 per annum: Recruitment Genius: A Customer Service Advisor is r...

Ashdown Group: Trainee Consultant - Surrey / South West London

£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...

SThree: HR Benefits Manager

£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...

Day In a Page

Syrian conflict is the world's first 'climate change war', say scientists, but it won't be the last one

Climate change key in Syrian conflict

And it will trigger more war in future
How I outwitted the Gestapo

How I outwitted the Gestapo

My life as a Jew in wartime Berlin
The nation's favourite animal revealed

The nation's favourite animal revealed

Women like cuddly creatures whilst men like creepy-crawlies
Is this the way to get young people to vote?

Getting young people to vote

From #VOTESELFISH to Bite the Ballot
Poldark star Heida Reed: 'I don't think a single bodice gets ripped'

Poldark star Heida Reed

'I don't think a single bodice gets ripped'
The difference between America and Israel? There isn’t one

The difference between America and Israel? There isn’t one

Netanyahu knows he can get away with anything in America, says Robert Fisk
Families clubbing together to build their own affordable accommodation

Do It Yourself approach to securing a new house

Community land trusts marking a new trend for taking the initiative away from developers
Head of WWF UK: We didn’t send Cameron to the Arctic to see green ideas freeze

David Nussbaum: We didn’t send Cameron to the Arctic to see green ideas freeze

The head of WWF UK remains sanguine despite the Government’s failure to live up to its pledges on the environment
Author Kazuo Ishiguro on being inspired by shoot-outs and samurai

Author Kazuo Ishiguro on being inspired by shoot-outs and samurai

Set in a mythologised 5th-century Britain, ‘The Buried Giant’ is a strange beast
With money, corruption and drugs, this monk fears Buddhism in Thailand is a ‘poisoned fruit’

Money, corruption and drugs

The monk who fears Buddhism in Thailand is a ‘poisoned fruit’
America's first slavery museum established at Django Unchained plantation - 150 years after slavery outlawed

150 years after it was outlawed...

... America's first slavery museum is established in Louisiana
Kelly Clarkson: How I snubbed Simon Cowell and become a Grammy-winning superstar

Kelly Clarkson: How I snubbed Simon Cowell and become a Grammy-winning superstar

The first 'American Idol' winner on how she manages to remain her own woman – Jane Austen fascination and all
Tony Oursler on exploring our uneasy relationship with technology with his new show

You won't believe your eyes

Tony Oursler's new show explores our uneasy relationship with technology. He's one of a growing number of artists with that preoccupation
Ian Herbert: Peter Moores must go. He should never have been brought back to fail again

Moores must go. He should never have been brought back to fail again

The England coach leaves players to find solutions - which makes you wonder where he adds value, says Ian Herbert
War with Isis: Fears that the looming battle for Mosul will unleash 'a million refugees'

The battle for Mosul will unleash 'a million refugees'

Aid agencies prepare for vast exodus following planned Iraqi offensive against the Isis-held city, reports Patrick Cockburn