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.
The buyer is private equity company Francisco Partners.
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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
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