21 March 2007
Smiths Group plc (Smiths) and General Electric Company (GE) announce that, following the Letter of Intent announced on 15 January 2007, they have signed a Formation 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 new venture.
The transaction remains conditional on the approval of Smiths shareholders, certain regulatory approvals and a number of supplementary agreements between Smiths and GE that require additional detailed work and technical input. Smiths has 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 the preparation of the necessary audited financial information for the shareholder circular will take several months. Completion of the transaction is currently targeted for the second half of the 2007 calendar year.
General Electric Company
+1 203 373 3193
Russell Wilkerson
Related articles
John Crane signs five-year contract to support major oil company’s Canada complex
Read our latest company news as John Crane signs a 5-year contract with a major hydrocarbon processing complex
Find out more
John Crane awarded major 5-year Dry Gas Seal repair contract from KPO
John Crane, a global leader in rotating equipment solutions and energy transition technologies and services, and a business of Smiths Group plc, has been awarded a significant contract from Karachaganak Petroleum Operating B.V. (KPO) one of the major oil and gas operators based in Kazakhstan.
Find out more
Smiths Interconnect launches new technology to reduce power loss in industrial batteries
Innovative, environmentally friendly product provides up to 90% more energy transfer than existing offering
Find out more
