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Smiths Group to sell Smiths Interconnect to Molex
(Sharecast News) - Engineer Smiths Group said on Thursday that it has agreed to sell Smiths Interconnect to Molex, a Koch company, for an enterprise value of £1.3bn. Smiths said the sale, which is due to complete in the second half of fiscal 2026, is "a notable step forward" in the strategy to become a more focused industrial engineering company.
Chief executive Roland Carter said: "This is an important step as we deliver on our commitment to focus Smiths and unlock the inherent value in our business. Today's announcement, and our recent results, show we are delivering on our strategy with pace and purpose and I am confident that we will continue to do so as we further focus our business as a high-performing industrial engineering company.
"We thank our Smiths Interconnect colleagues for their significant contribution to the Smiths Group over many years and wish them every success as they transition to their new owner, Molex, who is well placed to support their future growth."
Smiths Interconnect provides of innovative solutions for critical semiconductor test applications.
Jefferies said Smiths has achieved "a good price", representing "a FY25 EV/EBITDA of 15x".
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