Source - LSE Regulatory
RNS Number : 7069K
Smiths Group PLC
30 August 2023
 

just LogoandStrapsmallcrop 



News Release

30 August 2023

 

 

SMITHS GROUP PLC

Pioneers of progress - improving our world through smarter engineering

 

Smiths Group Acquires Heating & Cooling Products

 

Smiths Group plc, a leading industrial technology company, announces today that it has acquired Heating & Cooling Products (HCP), a US-based manufacturer of Heating, Ventilation & Air Conditioning (HVAC) solutions.

 

The addition of HCP will further expand Smiths Group's presence in the North American HVAC market, enabling Smiths to serve customers with an even broader product range, including HCP's patented axial and radial seal duct technology which improves energy efficiency.

 

Smiths acquired HCP for $82m (approximately £65m) on a cash and debt-free basis. HCP's unaudited revenue for the 12 months to 31 July 2023 was $69m (approximately £55m). HCP was purchased from a private seller in a proprietary transaction for less than 7x estimated 2023 EBITDA. HCP will be integrated into Smith's Flex-Tek division.

 

Paul Keel, CEO of Smiths Group, said:

"Smiths has now posted eight straight quarters of growth, and the addition of HCP allows us to further build on this momentum by adding synergistic capabilities, through an accretive transaction, in a market we know well. We welcome our new colleagues from HCP to Smiths!"

 

 

 

Investor enquiries

Media enquiries

 

Stephanie Heathers, Smiths Group
+44 (0) 7584 113 633
stephanie.heathers@smiths.com

 

Tom Steiner, Smiths Group

+44 (0)7787 415 891

tom.steiner@smiths.com

 



Alex Le May, FTI Consulting
+44 (0)7702 443 312
smiths@fticonsulting.com

 


Legal Entity Identifier (LEI): 213800MJL6IPZS3ASA11

 

About Smiths Group

For over 170 years, Smiths Group has been pioneering progress by improving the world through smarter engineering. We serve millions of people every year, to help create a safer, more efficient and better-connected world, across four major global markets:  Energy, General Industry, Safety & Security and Aerospace. Listed on the London Stock Exchange, Smiths employs over 14,700 colleagues in over 50 countries. For more information visit www.smiths.com.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
ACQFLFLETEIAFIV
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJ Bell logo

Related Charts

Smiths Group PLC (SMIN)

-4.00p (-0.23%)
delayed 16:30PM