Breaking news
Safran sells Morpho Detection to Smiths Group 42204162.
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Defence & Security News - Safran
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| Safran sells Morpho Detection to Smiths Group | |||
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Safran has agreed to sell its subsidiary Morpho Detections LLC and its detection related activities to Smiths Group plc. Morpho is a US-based subsidiary providing detection and identification of CBRNE threats at airports, borders, critical infrastructure and events. The agreement is valued at USD710 million.
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In 2015, Morpho Detections recorded revenue of USD320 million. With the latest agreement, the firm will become part of Smith Group’s Detection segment, which designs and manufactures detection sensors for explosives, weapons, chemical agents and other contraband. Prior to be finalized, the agreement will have to receive the required regulatory approvals. This stage is expected to be concluded in early 2017. Safran’s CEO, Philippe Petitcolin, said on the occasion of the agreement: "Morpho Detection is in a number of detection segments and global markets and very well positioned to benefit from attractive trends in its end markets. We believe it will be a very valuable addition to Smiths Group's portfolio. This transaction is in line with our announced strategy to focus our development on the aerospace and defense markets.” Andrew Reynolds Smith, CEO of Smiths Group plc, said: "The threat environment for people and critical infrastructure around the world is constantly evolving and becoming more complex and sophisticated. The response, to keep people safe and the world running, demands cutting-edge technology and cost-efficient solutions. Morpho Detection is a high quality business with a strong management team, and I am convinced that this combination provides a compelling competitive platform for product, service and technology leadership. The acquisition is consistent with our approach to increasingly focus investment in highly attractive technology-led markets, and will create significant value for shareholders and position us for long-term growth." |
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