Business
Smiths Group Acquires Heating & Cooling Products
Smiths Group Acquires Heating & Cooling Products.
About this update from Smiths Group Plc
[{"type":"text","content":"\n\n \n\n\nNews Release\n30 August 2023\n\n \n\n \nSMITHS GROUP PLC\nPioneers of progress - improving our world through smarter engineering\n \nSmiths Group Acquires Heating & Cooling Products\n \nSmiths 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.\n \nThe 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.\n \nSmiths 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.\n \nPaul Keel, CEO of Smiths Group, said:\n\"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!\"\n \n \n \n\n\n\nInvestor enquiries\n\n\nMedia enquiries\n\n\n \n\n\n\n\nStephanie Heathers, Smiths Group\n+44 (0) 7584 113 633\[email protected]\n \n\n\nTom Steiner, Smiths Group\n+44 (0)7787 415 891\[email protected]\n \n\n\n\n\n\n\n\n\n\n\nAlex Le May, FTI Consulting\n+44 (0)7702 443 312\[email protected]\n \n\n\n\n\n\n\nLegal Entity Identifier (LEI): 213800MJL6IPZS3ASA11\n \nAbout Smiths Group\nFor 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.\n \n \n\n","length":58...