Specialist Interconnect Company to be Acquired
Smiths Industries PLC
13 December 1999
Smiths Industries to acquire specialist interconnect company
Smiths Industries is strengthening its international position in the manufacture
of high performance connectors for the aerospace and defence industries, with
the $52,4 million (£32.3 million) acquisition of Sabritec, a privately owned US
business.
Sabritec manufactures filter connectors and other specialist connectors,
building on Smiths Industries' interconnect product interests, particularly its
world-leading position in 'Hypertac' high performance connectors designed and
manufactured by the company at five production centres in Europe and North
America.
Chief executive Keith Butler-Wheelhouse said: ' Sabritec is particularly
well-placed on long-term defence programmes which are now entering their full
production phase, such as Eurofighter and the Apache and NH-90 helicopters. We
are fast developing our range of interconnect technologies, which is now a $300
million business, and we are already working closely with Sabritec to supply
filtered Hypertac connectors to avionics manufacturers for the Eurofighter
Typhoon programme.'
Formed in 1980 by the present owners, who will remain with the business,
Sabritec is based in Irvine, California and employs 185 people. Under the
agreement, which is subject to US regulatory approval, expected in January 2000,
Smiths Industries is acquiring the whole of the share capital of the company.
For the year to 31 December 1999 Sabritec is expected to achieve sales of $18
million, and operating profits of more than $5 million before non-recurring
items.
Its principal product range is filter connectors, passive devices which protect
an electrical circuit against radio frequency interference and electro magnetic
pulses. The company's products serve the high specification end of the market,
often for demanding applications such as the International Space Laboratory.
Smiths Industries is a world leader in advanced electronic and electrical
systems for the aerospace industry; single-use devices and critical care
equipment for the healthcare sector; and specialist products for the
interconnect and air handling markets.
Press enquiries to:
Richard Bayliss
Tel: 020 8457 8306
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