TIDMSMIN
RNS Number : 5963M
Smiths Group PLC
18 August 2011
News Release
London, 18 August 2011
For immediate release
JOHN CRANE BUYS US BEARINGS COMPANY
John Crane, a division of global technology business Smiths
Group, today announces the purchase of the business and assets of
Turbo Components and Engineering Inc. (TCE) which services, repairs
and builds replacement bearings and seals used in critical rotating
equipment. The cash-funded acquisition from TCE is subject to
regulatory approval.
The main customers of the Houston-based company include
refineries, chemical plants and power producers. TCE has a gross
asset value of approximately $3.2 million and sales of around $10
million are forecast for the current calendar year. The purchase
price was not disclosed.
The acquisition underlines the continued expansion of John
Crane's range of solutions for high-performance rotating equipment,
which includes other product areas such as mechanical seals and
support systems, specialised filtration equipment and power
transmission couplings.
Paul Cox, President of John Crane, said: "TCE adds capability
for servicing bearings to our growing aftermarket platform,
creating an end-to-end product and service solution for our
customers. This provision of more technically differentiated
solutions will improve both the scale and overall profitability of
the bearings product line in the immediate future."
TCE also fits John Crane's stated strategy of broadening its
addressable market, utilising the core competencies within its
global and local sales and service infrastructure. It will become
part of John Crane Bearings Technology, formed following the
acquisitions of Sartorius Bearing Technology in October 2007 and
Orion Corporation in May 2009.
John Crane www.johncrane.com is a world-leading provider of
engineered products and services for the major process industries,
including oil and gas, power, chemical, pharmaceutical, and other
general industries. It is part of Smiths Group, www.smiths.com, a
global technology company listed on the London Stock Exchange
(SMIN) and operating a sponsored level one ADR programme (SMGZY). A
world leader in the practical application of technologies, Smiths
Group delivers products and services for the threat &
contraband detection, medical devices, energy & communications
markets. Our products and services make the world safer, healthier
and more productive. Smiths Group employs more than 23,000 people
in over 50 countries.
Investor Relations Peter Durman +44 (0)20 7808 5535
Media Relations Colin McSeveny +44 (0)20 7808 5534
This information is provided by RNS
The company news service from the London Stock Exchange
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