Source - SMW
Smiths Group has agreed to sell its John Crane's Bearings business to private Austrian company Miba for an enterprise value of $35m.

The transaction was subject to the satisfaction of certain regulatory conditions and was expected to complete by the end of March, Smiths Group said.

"The divestment is part of the ongoing corporate programme to concentrate the portfolio on scalable market leading positions in the company's chosen markets," it added.

Proceeds would be reinvested in "attractive growth opportunities", Smiths Group said.