17 September 2001
Smiths Group has continued its disposal programme of non-core activities with the sale of its fluid handling and European flexible hose businesses. Total sale proceeds are 20 million.
The fluid handling products, including filters, mixers and pumps, are made by Plenty Group, which has been acquired by Lightnin, part of SPX Corporation and based in Rochester, New York. Plenty operated within John Crane, part of Smiths' Sealing Solutions division. Headquartered at Newbury, Berkshire, with operations in the UK and overseas, Plenty employs some 450 people.
The flexible hose business comprises Induplas SpA in Italy and Flexiplas SA in Spain. They have been acquired by Petzetakis SA, part of the Greek company AG Petzetakis SA listed on the Athens Stock Exchange. Induplas and Flexiplas together employ around 130 people.
Smiths' Chief Executive, Keith Butler-Wheelhouse, said: We continually review our spread of activities, with the aim of becoming more focused but without causing dilution of earnings. While the units we have sold are good businesses, they will be a better fit with their new owners."
ENDS
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