Smiths Group, the FTSE 100 technology company, is selling its share of US biometric firm Cross Match Technologies.
The disposal of the minority interest in Florida-based Cross Match will raise a total of $77m although of that $8m is being put into an escrow account to cover working capital adjustments and to meet any possible legal claims for up to 15 months.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Smiths Chief Executive, Philip Bowman, said: "As I indicated at our interim results in March, we are looking to simplify our portfolio. This disposal helps us to focus on our core businesses in driving revenue growth, operational improvements, enhanced margins and strong cash conversion."
BS
-
Car finance compensation: FCA warns drivers against using rip off claims firms for share of £18bnThe FCA estimates most eligible motorists will receive around £950 in compensation per agreement – and said they won’t need a claims management company or law firm to access a redress scheme
-
Small UK industrial stocks are hidden gemsOpinion Ed Wielechowski of the Odyssean Investment Trust highlights three of his favourite British small-cap industrial stocks
