Smiths Group agrees to sell Morpho Detection's former trace business
Smiths Group plc has announced that it has entered into a binding agreement with OSI Systems Inc to sell the explosive trace detection business formerly owned by Morpho Detection for an enterprise value of $75.5 million.
Above:
Smith Detection's CTX 9800 DSi explosives detection system (EDS).
In connection with its acquisition of Morpho Detection from Safran, Smiths Group had made commitments to the European Commission (“EC”) and the Department of Justice (DOJ) to sell the explosive trace detection business.
The sale is conditional upon regulatory approval in Portugal and the approval by the EC and DOJ of OSI Systems Inc as a suitable purchaser.
Completion is expected in mid-2017.
Smiths Group is a global technology company listed on the London Stock Exchange. It specialises in the practical application of advanced technologies, delivering products and services for the threat & contraband detection, medical devices, energy and communications markets worldwide. Smiths Group employs more than 22,000 people in over 50 countries.