Author: Jane Edwards|| Date Published: April 22, 2016
Smiths Group has agreed to purchase Safran™s Morpho Detection subsidiary in the U.S. and other detection-related operations for approximately $710 million.
The companies said Thursday Newark, California-based Morpho Detection will join Smith Group’s detection segment that makes sensors and generated approximately $320 million in 2015 revenue.
Morpho Detection builds systems to detect chemical, biological, radiological, nuclear and explosive threats at airports, borders and other facilities.
Andrew Reynolds Smith, CEO of Smiths Group, said the purchase is part of its efforts to invest in “technology-led markets” in response to the evolving threat environment.
“This transaction is in line with our announced strategy to focus our development on the aerospace and defense markets, “ added Safran CEO Philippe Petitcolin.
The transaction is scheduled to close in early 2017 and is expected to bring about a capital gain before tax based on the current exchange rate.
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Smiths Group has agreed to purchase Safran™s Morpho Detection subsidiary in the U.S. and other detection-related operations for approximately $710 million.
