Smiths Group, the UK-based engineering company, has announced the decision to separate the company’s medical device business, Smiths Medical from the main Smiths Group.
The Smiths executive board have said that the decision to separate the medical business would enable the company to focus on the growth strategy for its technology group.
The board claim the move will allow Smiths Medical to deliver on its full potential including capitalising on its leading positions, large programme of new product launches and to exploit value creating opportunities in its rapidly changing market.
The company is expected to provide an update on the details of the planned separation with the Group’s interim results in March 2019.
Andy Reynolds Smith, chief executive of Smiths, said: “This planned separation will strengthen both Smiths and Smiths Medical as they each focus on accelerating the execution of their plans and maximising the opportunities in their respective markets.
Following our focus on operational improvements and increased investment, we believe it is now time to prepare the separation of Smiths Medical from the rest of the Group."