Smiths Industries sells US business

Smiths Industries has agreed to sell Lambda Advanced Analog, Inc. to International Rectifier Corporation for $17 million. The transaction is expected to complete in about one month, and is subject to approval by the US regulatory authorities.

Smiths had acquired the business in January 2000, as part of the Invensys Aerospace division.

With annual sales of $26 million, Lambda Advanced Analog is a supplier of high power density voltage converters and electric power controls for the space, aviation and defence industries.

Located in Santa Clara, California, it employs some 220 people. Quarterdeck Investment Partners, Inc. acted as financial advisors to Smiths Industries.

In addition to advanced aerospace systems and equipment, Smiths Industries is a supplier of medical systems and specialised engineering products.

The company recently announced a merger with the TI Group, which create a specialist engineering group with sales of around $4.5 billion (£3bn).

Including TI Group’s Dowty Aerospace, the new company’s business in the aerospace sector will be some $2 billion. Further information about Smiths Industries is available on the company’s website at www.smiths-industries.com.