19th Sep 2007 07:02
Smiths Group PLC19 September 2007 Smiths Group plc and General Electric Companynot to proceed with joint venture On 21 March 2007, Smiths Group plc (Smiths) and General Electric Company (GE)announced that they had conditionally agreed to form a joint venture to be namedSmiths GE Detection. Smiths and GE now announce that, after carefulconsideration, they have decided not to proceed to form the joint venture asthey now believe the interests of both businesses are best served by theirremaining independent. The agreement of 21 March 2007 contained conditions precedent to the formationof the joint venture. After considerable endeavour by both parties, Smiths andGE were unable to agree on a strategic vision for the combined business, and asa result were not able to agree how to satisfy certain of these conditions. Smiths Detection and GE Homeland Protection offer complementary products in theairports sector that are critical to the customers and markets they serve. Theparties' existing joint cooperation agreement is unaffected by today'sannouncement. Smiths Group Contacts Investor Relations MediaRussell Plumley Chris Fox+44 (0)20 8457 8203 +44 (0)20 8457 8403 About Smiths GroupSmiths 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 visitwww.smiths.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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