21st Mar 2007 09:39
Smiths Group PLC21 March 2007 FOR IMMEDIATE RELEASE 21 March 2007 SMITHS GROUP PLC AND GENERAL ELECTRIC COMPANY SMITHS GROUP PLC AND GENERAL ELECTRIC COMPANY SIGN FORMATION AGREEMENT TO CREATE SMITHS GE DETECTION Smiths Group plc ("Smiths") and General Electric Company ("GE") announce that,following the Letter of Intent announced on 15 January 2007, they have signed aFormation Agreement, an important stage in the creation of Smiths GE Detection. As previously agreed, Smiths will own 64% and GE will own 36% of the newventure. The transaction remains conditional on the approval of Smiths shareholders,certain regulatory approvals and a number of supplementary agreements betweenSmiths and GE that require additional detailed work and technical input. Smithshas agreed to pay GE a break fee of £35 million in certain circumstances. With regard to the expected timetable to completion, it is anticipated that thepreparation of the necessary audited financial information for the shareholdercircular will take several months. Completion of the transaction is currentlytargeted for the second half of the 2007 calendar year. Contacts: Smiths Group plc +44 (0) 20 8458 3232Russell Plumley (Investor Relations)Chris Fox (Media) General Electric Company +1 203 373 3193Russell Wilkerson This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Smiths GroupGEC.L