15th Oct 2007 11:16
Smiths Group PLC15 October 2007 News Release London, 15 October 2007 For immediate release Smiths Group acquisition extends capabilities in energy sector SMITHS Group, the global technology business, today announces the acquisition ofSartorius Bearing Technology (SBT), part of Sartorius AG. SBT, a leading provider of high performance rotating equipment for the oil andgas industry based in Gottingen, Germany, employs around 100 people and isrecognised as a leader in the European speciality engineered bearings sector.The company has a varied product portfolio that includes tilting pad bearingsfor high-speed rotor applications, standard thrust and journal multilobebearings, and combined bearings for restricted assembly and mountingapplications. The total cost of the acquisition is €20 million, which will besatisfied in cash. The acquisition is subject to regulatory approvals. SBT will extend Smiths Group's range of advanced technology products aimed atthe turbomachinery industry and will report through John Crane, which is part ofSmiths Specialty Engineering division. John Crane designs and manufacturesmechanical seals and associated products for the oil & gas, chemical,pharmaceutical, pulp & paper and mining sectors. Mike Mansell, Managing Director of John Crane EAA, said: "John Crane has anunrivalled global sales and service network. The acquisition of SBT is animportant step in our strategy to leverage this network for a wider range ofsolutions used in high-performance rotating equipment. Together, John Crane andSBT aim to build a global position in bearing technology, one that willcomplement John Crane's existing mechanical sealing solutions, couplings andassociated technologies and further help our customers achieve their demandingperformance goals. Keith Butler-Wheelhouse, Chief Executive of Smiths Group, said: "The acquisitionof SBT marks an important development in Smiths Group's expansion within theenergy sector. SBT's bearing technology will enhance John Crane's peerlessoffering of high performance seals and associated products and services, andwill help to maintain our position as a leading provider of technology andservices for the global oil and gas industry." ENDS John Crane John Crane, a Smiths Group business, designs and manufactures seals andassociated products mainly for the oil & gas, chemical, pharmaceutical, pulp &paper and mining sectors. Since being established over 80 years ago John Cranehas become a leader in its field. John Crane's products are a globallyrecognised and trusted brand by the oil and gas industry. The John Cranebusiness has 20 manufacturing sites around the world and more than 6,000employees. For further information visit www.johncrane.com Smiths Group Smiths is a global technology company listed on the London Stock Exchange. Aworld leader in the practical application of advanced technologies, Smiths Groupdelivers products and services for the threat & contraband detection, medicaldevices, energy and communications markets worldwide. Our products and servicesmake the world safer, healthier and more productive. Smiths Group employs morethan 20,000 people in over 50 countries. For more information visit www.smiths.com Investor Relations Media Steve Warren 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:
Smiths Group