Safran has reached an agreement to sell its U.S.-based subsidiary Morpho Detection and other detection-related activities to Smiths Group for an enterprise value of US$710 million.
French aerospace and defense group Safran has reached an agreement to sell its U.S.-based subsidiary Morpho Detection and other detection-related activities to Smiths Group for an enterprise value of US$710 million, it recently announced.
“This transaction is in line with our announced strategy to focus our development on the aerospace and defense markets,” said Philippe Petitcolin, Chief Executive Officer of Safran, in a news release announcing the agreement. "Morpho Detection is in a number of detection segments and global markets and very well positioned to benefit from attractive trends in its end markets. We believe it will be a very valuable addition to Smiths Group's portfolio.”
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