Smiths buys United Flexible for $345m
Smiths Group
2,024.00p
12:04 15/05/25
Engineering company Smiths Group said it was buying industrial hose maker United Flexible from Arlington Capital Partners for an enterprise value of $345m (£266m).
FTSE 100
8,599.81
12:05 15/05/25
FTSE 350
4,720.45
12:05 15/05/25
FTSE All-Share
4,671.51
12:05 15/05/25
General Industrials
6,936.87
11:54 15/05/25
In the 12 months to 31 December 2018, United Flexible is expected to generate sales of $157m and adjusted EBITDA of $32m, Smiths said, adding that the company would be integrated into its Flex-Tek division..
“The acquisition strengthens Flex-Tek's positions in aerospace and industrial end markets globally,” Smiths said.
United Flexible makes hoses for high pressure environments such as plane engines. Customers include Pratt & Whitney, Lockheed Martin and Boeing. It has four operations in the US and three in Europe.
The acquisition consideration will be payable from existing cash and bank facilities, Smiths said.
Completion is expected to take place in the second half of the 2019 financial year conditional upon regulatory clearances in the US.