Smiths buys more

Following its multi-million dollar purchases of medical group Medex and Integrated Aerospace, the UK-based Smiths Group has purchased three somewhat smaller outfits for £16 million in cash.


On the medical front, Smiths Medical has acquired its Italian distributor Sevit for £3.5 million, as part of a strategy to take more direct control of its sales channels.


The Sevit distribution operation will be combined with the existing Medex manufacturing and sales operation in Italy and will run by the enlarged business, Smiths Medical Italia.


Smiths closed the acquisition of the US-based Medex medical devices company earlier in the year for $655million in shares and the assumption of $270million net debt.


The Smiths Group is also bulking up the Flexible Technologies business of its Specialty Engineering division by acquiring two US manufacturers – Georgetown, MA-based Hi-Tech Hose and Farnam Custom Products of North Carolina – which have been bought for £9 million and £3.5 million, respectively.


Last November, Smiths completed the acquisition of Integrated Aerospace, a privately owned, CA-based supplier of specialist landing gear systems for $110m (£61m).