No fire sale at Smiths Group.
Investors Chronicle - magazine and web content, March, 2008
TIP UPDATE: Turnaround planned for medical devices, but the break-up premium is gone. Stephen Gunnion
When Philip Bowman was appointed as Smiths chief executive, the market immediately assumed the group would be broken up. That conviction is now waning. Mr Bowman has instead outlined a programme to turn the ailing medical devices unit around and improve efficiency across the group. So, although the overall first-half performance was better than expected, the new strategy and a flat dividend may be a bit disappointing.
After reporting flat headline operating profits, Mr Bowman says Smiths Medical will be undergo a two-year performance improvement programme, while increased investment in research and development will result in new products. The...
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