Smiths Group has agreed a $710 million deal with Safran, the French multinational, to acquire Morpho Detection, its US-based manufacturer of advanced security scanning technology.
Morpho will become part of Smiths Group’s detection division, which the UK engineering company uses to develop and manufacture sensors that are used to detect bombs and illegal substances at ports, airports and the like.
The deal, which has an enterprise value of $710 million (£493 million), is expected to be completed by early next year.
Safran, which is partially state-owned, said the sale is part of a move to focus on the aerospace and defence industries and would also include other detection-related parts of its operation. The French government holds 15.4 per cent of Safran’s capital and 23.9 per