Report: Smiths Medical parent co to announce separation plans Friday

Smith Medical‘s parent company Smiths Group (LON:SMIN) is expected to disclose how it plans to separate its medical division from the rest of the organization on Friday, according to a report from the Minneapolis Star Tribune posted yesterday. The conglomerate has been seeking buyers for its medical division over the past few years, and has also mentioned the possibility of an initial public offering. Last September, Smiths Medical ended possible merger plans with ICU Medical (NSDQ:ICUI) in a deal reportedly worth approximately $4 billion. The companies had been in discussions since last May. Listed amongst other potential buyers over the past year are Baxter (NYSE:BAX), Teleflex (NYSE:TFX) and B. Braun, though no discussions have been officially disclosed. A report last November alleged that the industrial tech-focused Smiths Group was looking to spin-off the healthcare business and that CEO Andy Reynolds has considered a number of different options for the medical division, including sale or separate listing. London-based Smiths Group is planning to disclose its plans for separation during an earnings call on Friday, according to the Star Tribune. “Ultimately, it was a decision that has been made by the board of directors and by the executive committee of the group to really ensure that we are getting the strength of both companies — getting the strength of the med-device industry for a very specific medical device player, Smiths Medical, and you have the ...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News Featured Mergers & Acquisitions Wall Street Beat Smiths Group plc Smiths Medical Source Type: news