Smiths Group PLC - London-based engineering company operating in the energy, industrial, security and aerospace sectors - Sells 830,000 shares in ICU Medical Inc, around 3.4% of the California-based medical device manufacturer's total share capital. This equates to roughly 33% of Smiths' holding in ICU Medical. Smiths continues to hold 1.7 million shares, or 6.9% of the total share capital of ICU Medical. The company will receive net proceeds of around USD88.0 million from the sale, which it says will be used for general corporate purposes.
In January 2022, Smiths sold off its medical division, Smiths Medical Inc, to ICU Medical for USD1.85 billion in cash alongside USD600 million worth of ICU shares. ICU's share price has since declined around 47%, but experienced an 18% uptick over the past 30 days, currently trading at USD109.23 each.
Current stock price: 1,608.50 pence each, marginally higher in London on Friday morning.
12-month change: down 10%
By Hugh Cameron, Alliance News reporter
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Smiths Group (SMIN)