4th Sep 2008 09:02
News Release
London, 4 September 2008
For immediate release
Smiths in £16 million property sale
Smiths Group plc today announced the sale of an eight acre former operational site in Basingstoke, Hampshire for £16 million. Prior to the sale Smiths secured planning consent for more than 95,000 ft.² of retail warehouse development on this site.
The site has a current book value of £4.3 million and was occupied by part of the Smiths Aerospace division until October 2002, when it relocated to Cheltenham. Smiths Aerospace was sold to General Electric Company in May 2007.
Smiths Group Chief Executive Philip Bowman said: "This property sale is part of our drive to maximise returns on capital for shareholders through the disposal of surplus assets within the Group".
ENDS
Investor Relations Media
Peter Durman Chris Fox
+44 (0)20 8457 8343 +44 (0)20 8457 8403
Rupert Pittman - Cardew Group
+44 (0)20 7930 0777
About Smiths Group
Smiths is a global technology company listed on the London Stock Exchange. A world leader in the practical application of advanced technologies, Smiths Group delivers products and services for the threat & contraband detection, medical devices, energy, communications and components markets worldwide. Our products and services make the world safer, healthier and more productive. Smiths Group employs more than 20,000 people in over 50 countries. For more information visit www.smiths.com
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