smiths group plc (SMIN) Snapshot

Smiths Group plc announced the appointment of Sir George Buckley as its Chairman, effective from the close of its Annual General Meeting on November 19, 2013. He succeeds Donald Brydon whose planned retirement was announced 2013. Sir George will join the Smiths Board on August 1, 2013 as a non-executive director and Deputy Chairman and a member of the Nomination and Remuneration committees. This will allow an orderly transition and thorough induction process. Sir George, 66, retired last year as Chairman and CEO of 3M. He was previously Chairman and CEO of Brunswick Corporation and Chief Technology Officer at Emerson Electric Company.

Smiths Group plc (LSE:SMIN) is planning to sell Smiths Medical and is in talks with CareFusion Corporation (NYSE:CFN), reported Financial Times citing people familiar with the talks. The people said that Smiths Group was investigating the option of selling the division after an approach by potential buyers including CareFusion. One of the people added that there had been no agreement on price and no decision to sell the unit by Smiths. One of the people also said that however work has been done since that approach so that Smiths Medical could now stand alone. Smiths Group and Carefusion declined to comment.

Smiths Group plc announced interim management statement results for the nine months to May 4, 2013. For the period, the company grew underlying revenue across all divisions. Underlying headline operating profit was also ahead of the same period last year. At 4 May, net debt was £891 million, up from £855 million at 31 January, reflecting the interim dividend payment and adverse foreign exchange translation. As at 4 May, net debt was £891 million, up from £855 million at 31 January, reflecting the interim dividend payment and adverse foreign exchange translation. The company announced that the headline effective tax rate for the full year 2013 is expected to be slightly below the rate reported at the half year.