Smiths Group has sold its Air Movement and Cable Management businesses to HSBC Private Equity for £125 million in cash.
Commenting on the disposal, Keith Butler-Wheelhouse, chief executive of Smiths, said: ‘This sale, which includes some businesses with a long association with Smiths, is a further step in the strategic re-focusing of Smiths Group. We have concluded the deal at the same time as completion of the Heimann Systems acquisition, further demonstrating our drive to match buys and sells where possible.’
The Air Movement and Cable businesses have combined sales of £105 million and their principal operations are in the UK, employing 970 staff.
The Air Movement businesses supply ventilation equipment for commercial, domestic and industrial applications. Trading names include Vent-Axia, Torin and Sifan Systems.
The Cable Management businesses supply conduit systems, cable glands and other electrical control accessories, under the trading names Adaptaflex, Elkay and Kopex.