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Stock impact report

Smiths to spin off healthcare, focus on industrial technology [Reuters (UK)]

ICU Medical, Inc. (ICUI) 
Last icu medical, inc. earnings: 2/27 04:05 pm Check Earnings Report
US:NASDAQ Investor Relations: ir.icumed.com/investor-relations
Company Research Source: Reuters
Smiths to spin off healthcare, focus on industrial technology | Reuters 3 Min Read (Reuters) - British engineer Smiths Group plans to spin off its healthcare business to focus on industrial technology, two months after a 7 billion pound deal to merge it with U.S.-based ICU Medical collapsed. Smiths Medical, which has 8,050 employees, has been hit by delays in product launches, a loss of certifications under new regulations and two contract cancellations in the United States. Investors welcomed the move with shares in Smiths Group rising more than 7 percent to 1,411 pence. Chief Executive Andy Reynolds said on a call that all options were being considered for the medical unit, which analysts said could either be sold or separately listed. Smiths Medical’s value was estimated at 2.8 billion pounds based on a slight discount to peer group multiples, given its relative underperformance, Liberum analyst Ryan Gregory said. Smiths Group, whose five businesses employ 22,000 people and which a Show less Read more
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