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RNS Number : 7069K Smiths Group PLC 30 August 2023
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 Tom Steiner, Smiths Group
+44 (0) 7584 113 633
stephanie.heathers@smiths.com +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
(http://www.smiths.com/) .
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