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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 GBP65m) on a cash and debt-free basis. HCP's unaudited revenue for the 12 months to 31 July 2023 was $69m (approximately GBP55m). 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       Tom Steiner, Smiths 
  Group                            Group 
  +44 (0) 7584 113 633             +44 (0)7787 415 891 
  stephanie.heathers@smiths.com    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 .

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August 30, 2023 02:00 ET (06:00 GMT)

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