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Share Price Information for Smiths Group (SMIN)

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Share Price: 1,640.00
Bid: 1,637.00
Ask: 1,639.00
Change: 26.00 (1.61%)
Spread: 2.00 (0.122%)
Open: 1,625.00
High: 1,644.00
Low: 1,620.00
Prev. Close: 1,614.00
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UPDATE 4-Britain orders 10,000 ventilators from F1, aerospace consortium

Mon, 30th Mar 2020 07:19

* UK orders 10,000 ventilators from consortium

* Production to begin this week

* Consortium includes Airbus, BAE, Ford and F1 teams
(Adds background)

By Kate Holton

LONDON, March 30 (Reuters) - Britain has ordered 10,000
ventilators from a consortium of leading aerospace, engineering
and Formula One racing companies which will start production
this week in response to an urgent government call for industry
to help save lives.

The 27-strong team, including Airbus, BAE Systems
, Ford and Rolls-Royce, have joined forces
to ramp up production of a ventilator made by Smiths Group
which supports those with complications from COVID-19.

The consortium, which also includes seven Formula One teams
including McLaren and Mercedes, home to World Champion Lewis
Hamilton, said they had pulled staff off existing projects to
meet the national need.

Some 1,228 people have died from coronavirus in the United
Kingdom and a senior health official said on Saturday the
country would be doing well if it manages to keep the death toll
below 20,000.

"This consortium brings together some of the most innovative
companies in the world," Dick Elsy, the head of the consortium,
said in a statement. "I am confident this consortium has the
skills and tools to make a difference and save lives."

The United Kingdom, which initially only had 5,000
ventilators available in its National Health Service, has been
trying to secure additional supplies after realising it needed
30,000 to cope with the peak of the outbreak.

Prime Minister Boris Johnson, who is now in isolation in
Downing Street after testing positive for coronavirus, made an
emergency appeal earlier this month for manufacturers to retool
their production lines and start making specialist health
equipment including ventilators.

Britain now has about 8,000 ventilators, with another 8,000
on order from international manufacturers that are due in coming
weeks. Last week it placed an order for a newly-designed model
from the vacuum cleaner company Dyson that will need to be
approved by the health regulator.

Separately on Monday a second team including Mercedes
Formula One said it had developed in less than a week a new
version of a breathing aid that can help coronavirus patients
which is now being trialled in hospitals.

VENTILATOR SCRAMBLE

The consortium, which was asked in mid-March to come up with
a way to retool factories that produce everything from aircraft
engines to the world's fastest racing cars, did not say when the
ventilators would be ready for use in hospitals.

Reuters reported last week that the consortium was ready to
start building ventilators and was waiting for the green light
from government to start production.

Smiths Group said the team would ramp up production of its
Smiths Medical paraPAC plus, a lightweight and portable
ventilator that helps take the strain from the lungs. The device
is fully certified and used by medical professionals within
Britain and overseas.

The company is also working with governments and
manufacturing teams around the world.

"It is inspiring to work with the very best UK Technology
and Engineering companies with a spirit of grit and
determination to deliver these life saving devices to our
incredible health service," Chief Executive Andrew Reynolds
Smith said.

The consortium is also building another ventilator from
existing producer Penlon.

Nadhim Zahawi, the minister for business and industry, said
more than 3,000 companies had answered the prime minister's call
for ventilator production.

"Their help will be vital as we make our way through this
turbulent period."
(Editing by Guy Faulconbridge and Angus MacSwan)

More News
30 Aug 2023 08:04

IN BRIEF: Smiths Group buys US firm Heating & Cooling Products

Smiths Group PLC - London-based engineering firm - Acquires Heating & Cooling Products Inc, a Ohio-based manufacturer of heating, ventilation and air conditioning products. Smiths is paying USD82 million on a cash and debt-free basis for HCP, which recorded USD69 million in revenue in the 12 months that ended July 31. Smiths doesn't provide HCP's recent earnings but says the acquisition is done at 7x multiple to HCP's estimated 2023 earnings before interest, tax, depreciation and amortisation. HCP will be integrated within the Flex-Tek division of Smiths. The UK company says the acquisition expands its presence in the North American HVAC market, highlighting HCP's axial and radial seal duct technology, which improves energy efficiency.

Read more
30 Aug 2023 07:09

Smiths Group beefs up HVAC offering with $82m acquisition

(Sharecast News) - Engineering giant Smiths Group is beefing up its US heating, ventilation and air conditioning (HVAC) operations with the purchase of Ohio-based Heating & Cooling Products.

Read more
17 Jul 2023 09:20

LONDON BROKER RATINGS: JPMorgan cuts Spectris; Berenberg likes Victrex

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning:

Read more
6 Jul 2023 09:25

LONDON BROKER RATINGS: JPMorgan raises Mondi and Smurfit Kappa

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning:

Read more
6 Jul 2023 09:20

RBC Capital upgrades Smith Group

(Sharecast News) - RBC Capital Markets upgraded Smiths Group on Thursday to 'sector perform' from 'underperform' and lifted the price target.

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6 Jul 2023 08:05

Broker tips: Mondi, Smurfit Kappa, Smiths Group

(Sharecast News) - JPMorgan Cazenove upgraded packaging and paper firms Smurfit Kappa and Mondi on Thursday to 'overweight' from 'neutral' and kept DS Smith at 'overweight'.

Read more
6 Jul 2023 07:43

LONDON BRIEFING: FTSE 100 to fall as more US rate hikes expected

(Alliance News) - Stocks are called lower in London on Thursday, after hawkish minutes from the US Federal Reserve once again gave rise to interest rate fears.

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27 Jun 2023 08:57

LONDON BROKER RATINGS: UBS cuts BT'; HSBC starts Smiths with 'hold'

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning:

Read more
27 Jun 2023 07:56

LONDON BRIEFING: Stocks called up; record profit for Telecom Plus

(Alliance News) - Stock prices in London were set to open higher on Tuesday, following a positive session for equities in Hong Kong and Shanghai.

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24 May 2023 10:07

IN BRIEF: Chemring hires Smiths Group's James Mortensen as new CFO

Chemring Group PLC - Romsey, England-based provider of technology products and services to aerospace, defence and security markets - Appoints James Mortensen as chief financial officer. Mortensen joins Chemring from Smiths Group PLC, the FTSE 100-listed engineering group where he has spent the last seven years, and where he was most recently the group head of corporate development on the M&A team.

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19 May 2023 10:41

UPDATE: Smiths hails John Crane, Detection and Flex-Tek as ups outlook

(Alliance News) - Smiths Group PLC on Friday raised its annual guidance on the back of strong customer demand in its end markets, as it reported "continued strong growth" in its financial third quarter.

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19 May 2023 08:46

LONDON MARKET OPEN: Stocks rise on US debt optimism; Nikkei shines

(Alliance News) - Stock prices in London were on the up at Friday's open, with sentiment boosted by progress on debt ceiling talks in the US.

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19 May 2023 08:06

TOP NEWS: Smiths raises annual guidance on back of continued growth

(Alliance News) - Smiths Group PLC on Friday raised its annual guidance, as it reported "continued strong growth" in its financial third quarter.

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19 May 2023 07:56

LONDON BRIEFING: Smiths Group raises guidance after strong nine months

(Alliance News) - Stocks in London were called higher on Friday, amid optimism of a resolution to the US debt ceiling impasse.

Read more
19 May 2023 07:02

Smiths Group lifts guidance after strong Q3

(Sharecast News) - Smiths Group lifted revenue guidance after a strong third quarter, driven by volume and price growth.

Read more

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