Smiths to Acquire Heimann Systems
London,UK and Wiesbaden, Germany-Smiths Group has agreed to purchase Heimann Systems GmbH for £235 million ($368.7 million = £0.64=$1) in cash from Rheinmetall Group. Heimann Systems develops and sells x-ray security systems, metal detectors and biometric systems. In 2001, it posted sales of £104 million ($161.3 million = £0.64=$1) and pre-tax profits of £14 million ($21.9 million=£0.64=$1), and year-to-date sales have grown 50%. Its assests are estimated at £19 million ($29.8 million =£0.64=$1). Smiths is funding the purchase through existing borrowing facilities.