Safran selling Morpho Detection to Smiths Group
Safran has reached an agreement to sell Morpho Detection, a US-based subsidiary, and other detection-related activities to Smiths Group plc for an enterprise value of US$710 million.
April 22, 2016 By SP&T Staff
Morpho Detection provides solutions for detecting and identifying chemical, biological, radiological, nuclear and explosive (CBRNE) threats as well as other illicit items to improve security at airports, borders, and sensitive sites and events. Morpho Detection recorded revenue of US$320 million in 2015.
Morpho Detection will become part of Smiths Group’s Detection segment, which designs and manufactures sensors that detect and identify explosives, weapons, chemical agents and other contraband.
“The threat environment for people and critical infrastructure around the world is constantly evolving and becoming more complex and sophisticated. The response, to keep people safe and the world running, demands cutting-edge technology and cost-efficient solutions,” said Andrew Reynolds Smith, CEO of Smiths Group.
He added: “Morpho Detection is a high quality business with a strong management team, and I am convinced that this combination provides a compelling competitive platform for product, service and technology leadership.”
The divestment is in line with Safran’s announced strategy to focus on the aerospace and defense markets.
The transaction is subject to regulatory approvals and customary closing conditions, and is expected to be completed early in 2017.
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