Engineering company delays separation to focus on medical equipment production
A London engineering company has announced that it is delaying the separation of part of its business.
Smiths Group, which has operations in more than 50 countries, has said that the separation of Smiths Medical from Smiths will be delayed due to COVID-19.
The separation of Smiths Medical was predicted to take place by the end of the first half of the year, but the company has said it is “simply not practicable” to continue with these plans.
It said that its main focus is the delivery of ventilators and other critical care devices which it manufactures.
The company also reported that its revenue increased by 8 per cent in the most recent half year period.
Andy Reynolds Smith, group chief executive, commented:“I have been inspired and am so proud of everything our people are doing around the world as we navigate Smiths through these unprecedented and challenging times.
“Smiths is a strong and naturally resilient business and we will come through this period well positioned for the future.
“Our business benefits from financial strength, flexibility and a strong balance sheet with significant liquidity.
“We are keeping our customers running, whilst staying safe and looking out for each other through the disruption. I’m very grateful to our global team for all their efforts.”
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