21st Mar 2007 07:04
Smiths Group PLC21 March 2007 News ReleaseLondon, 21 March 2007For immediate release Smiths Group acquisition extends role in energy sector SMITHS Group, the global technology business, today announces the acquisition ofCDI Energy Services (CDI) of Tyler, Texas. CDI is a leading provider of sales and service for pumping equipment that aidsproduction from oil and gas wells, a technology known in the industry as "artificial lift". The company has also developed well monitoring and performanceimprovement services which increase productivity and longevity of customers'wells. CDI was founded in 1892 as part of the Axelson Company and was acquired by thecurrent private shareholders in 1999. It is located and incorporated in Texas,USA. The total cost of the acquisition was $37.0m (£19.2 m), which has beensatisfied in cash. CDI will extend Smiths Group's participation in the oil and gas industries, andwill report through John Crane, which is part of the Specialty Engineeringdivision. John Crane designs and manufactures Mechanical Seals and associatedproducts for the oil & gas, chemical, pharmaceutical, pulp & paper and miningsectors. Keith Butler-Wheelhouse, chief executive of Smiths Group, said: "Thisacquisition marks a broadening of our technology in the energy sector. JohnCrane has a peerless product range, currently focused on seals and associatedproducts, with a truly global service and support footprint. CDI brings newproducts to our offering and adds important new capability to our fast-growingremote energy asset management services." Global Energy Products, a sister business also acquired, supplies CDI withglobally sourced pumps, rods and other related equipment critical to thebusiness. ENDS Smiths GroupSmiths is a global technology company, listed on the London Stock Exchange.Smiths Group is a world leader in the practical application of advancedtechnologies. Its products and services make the world safer, healthier andmore productive. Smiths Group has four divisions: Aerospace, Detection, Medicaland Specialty Engineering. It employs 32,000 people and has over 250 majorfacilities in 50 countries. On 15 January 2007 Smiths Group announced the saleof Smiths Aerospace to GE which remains subject to regulatory approval. For moreinformation visit www.smiths.com Investor Relations MediaRussell Plumley Chris Fox+44 (0)20 8457 8203 +44(0)20 8457 8403 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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