Smiths Group to divest Artificial Lift business

Smiths Group has entered into an agreement to sell its Artificial Lift business, part of the John Crane division, to Endurance Lift Solutions, LLC.

The total gross consideration payable at completion is $39.5m in cash subject to an adjustment based upon the working capital position at completion.

Artificial Lift is engaged in the sale of products and services, principally sucker rods for onshore upstream oil and gas customers in the United States and Romania.

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