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Smiths Group's spinoff of medical device unit expected to close in H1'20

Smiths Group PLC said it plans to complete the separation of its medical division Smiths Medical Inc. during the first half of 2020, subject to shareholder approval.

The spinoff will allow Smiths Group, a London-based conglomerate, to focus on industrial technology. The group operates in the medical technology, security and defense, general industrial, oil, gas, space and commercial aerospace markets worldwide.

The process will allow Smiths Medical, a provider of specialty medical devices in the areas of diagnostics and emergency patient transport, to list separately in the U.K.

Further, Smiths Group said it is "making good progress" in its search for a CEO for its medical unit.