Acquisition

17th May 2005 07:00

Smiths Group PLC17 May 2005 Smiths acquires U.S. bio-technology detection company Smiths Group today announced that it is adding to the range of technologiesoffered by its Detection division by acquiring ETI Technology Inc., a U.S.-based, privately owned company that specialises in the detection of harmfulbiological agents. Smiths is acquiring the business for $4 million, in cash,plus a deferred performance-related consideration up to a maximum of $4.5million, and closure is subject to U.S. regulatory approval. ETI has developed optical sensors that perform initial screening to identify andclassify harmful agents. This capability will enhance the equipment used bymilitary forces, by emergency response teams and in critical infrastructureapplications. The company was formed in 1997, in Boston, MA and holds multipleUS patents and patent applications. Smiths Detection has already worked closelywith ETI, for two years, on a major UK military programme. Commenting on the acquisition, Keith Butler-Wheelhouse, chief executive ofSmiths Group, said, "The acquisition further strengthens the position of SmithsDetection as a technology leader. The application of techniques developed by ETIwill add new capabilities to the activities offered by Smiths Detection in boththe civil and military markets." "ETI has a very successful record, providing new technologies that will enhanceour bio product range," said Stephen Phipson, Group managing director, SmithsDetection. This acquisition will strengthen our position in meeting therequirements of some major Government programmes, while offering excitingpossibilities in other markets in the longer term." Smiths Group designs and manufactures safety-critical systems and products, andhas market leading positions in aerospace, detection systems, medical devices,mechanical seals and interconnect products. For further information visitwww.smiths-group.com Smiths Detection offers technologically advanced security solutions to detectand identify explosives, chemical & biological agents, weapons and contraband.Employing trace detection technology together with Smiths Heimann x-ray imaging,Smiths Detection provides screening solutions for customers in civil andmilitary markets worldwide. - Ends - Contacts Business & Financial Press Caroline Harris +44 (0)20 8457 8306Trade and Technical Press Richard Bayliss +44 (0)1923 658106Investor Relations Russell Plumley +44 (0)20 8457 8203 Notes to Editors: ETI's patented biosensors uniquely enable detection without the use of addedfluids and can operate remotely with no user intervention. They can rapidlydetect, distinguish and quantify groups of biological agents such as bacteria,bacterial spores, toxins and viruses. The approach is a departure from othersensors that identify a single organism. When configured as a multi-sensorarray, the ETI technology provides a real-time snapshot of microbes andchemicals present in the environment. The technology has already performed wellin testing, in both the US and UK. This information is provided by RNS The company news service from the London Stock Exchange

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