Smiths Group PLC Statement re Smiths Medical (7188A)

TIDMSMIN

RNS Number : 7188A

Smiths Group PLC

13 September 2018

News Release

London, 13 September 2018

For immediate release

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

Smiths Group statement regarding Smiths Medical

On 27 May 2018, Smiths confirmed that it was in early discussions regarding a potential combination of its Smiths Medical business with ICU Medical Inc. ("ICU"). Smiths today announces these discussions have ended because the parties have been unable to agree the terms of a combination.

The Board recognised the complementary strengths of both businesses. However, it was important that any such combination did not undervalue Smiths Medical and its prospects.

In recent years, Smiths Medical has invested significantly in a substantial ongoing programme of new product launches. It will continue its strategy to focus on organic growth, investing in R&D to strengthen its portfolio of category-leading products, which are trusted by clinicians and patients around the world.

In parallel, Smiths will continue to review all options for its businesses to enhance its leadership positions and optimise value for Smiths shareholders.

Andy Reynolds Smith, Chief Executive of Smiths, said:

"We have ended discussions with ICU today after careful consideration and in the interests of our shareholders. Smiths Medical will continue to capitalise on the increased investment that it is making in new product development. We remain confident that our strategy for Smiths Medical will drive market outperformance and world-class competitiveness. Alongside continued active portfolio management across all our businesses, this will deliver long-term sustainable growth and attractive returns for our shareholders."

END

Enquiries:

 
 Investor enquiries 
 Jemma Spalton, Smiths Group     Marion Le Bot, Smiths Group 
  +44 (0)20 7004 1637             +44 (0)20 7004 1672 
  +44 (0)78 6739 0350             +44 (0)75 8315 4386 
  jemma.spalton@smiths.com        marion.lebot@smiths.com 
 Media enquiries 
 Deborah Scott, FTI Consulting   Alex Le May, FTI Consulting 
  +44 (0)20 3727 1459             +44 (0)20 3727 1308 
  +44 (0)797 953 7449             +44 (0)7702 443 312 
  smiths@fticonsulting.com        smiths@fticonsulting.com

Legal Entity Identifier (LEI): 213800MJL6IPZS3ASA11

About Smiths Group

Smiths Group is a global technology company listed on the London Stock Exchange (SMIN) and operates a sponsored level one ADR programme (SMGZY). A world leader in the practical application of advanced technologies, Smiths Group delivers products and services for the medical technology, security & defence, energy, space & commercial aerospace, construction, transportation and general industrial markets worldwide. Smiths Group employs c.22,000 colleagues in over 50 countries. For more information visit www.smiths.com.

About Smiths Medical

Smiths Medical is a leading supplier of specialised medical devices and equipment for global markets, focusing on the medication delivery, vital care and safety devices market segments. For more information visit www.smiths-medical.com.

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