Smiths agrees Smiths Interconnect sale for £1.3bn

Smiths Group has agreed a deal to sell Smiths Interconnect to US firm, Molex Electronic Technologies, for £1.3bn.

The FTSE 100 company will receive a cash consideration for the transaction, which remains subject to customary adjustments for working capital, cash and debt.

Smiths described the disposal of the manufacturing segment Smiths Interconnect as a “notable step forward” to become a more focused industrial engineering company.

The aerospace group said the deal, which values Smiths Interconnect at over 15 times its reported earnings of £86.1m last year, would “maximise value creation, unlock value in the portfolio, and enhance returns to shareholders”.

Smiths chief executive, Roland Carter, commented: “This is an important step as we deliver on our commitment to focus Smiths and unlock the inherent value in our business. Today’s announcement, and our recent results, show we are delivering on our strategy with pace and purpose and I am confident that we will continue to do so as we further focus our business as a high-performing industrial engineering company.

“We thank our Smiths Interconnect colleagues for their significant contribution to the Smiths Group over many years and wish them every success as they transition to their new owner, Molex, who is well placed to support their future growth.”

Smith is expecting completion of the deal to take place in the second half of its 2026 fiscal year.



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