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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Smiths Group Plc | LSE:SMIN | London | Ordinary Share | GB00B1WY2338 | ORD 37.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -4.00 | -0.25% | 1,604.00 | 1,603.00 | 1,604.00 | 1,614.00 | 1,594.00 | 1,594.00 | 73,763 | 11:03:45 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Srch,det,nav,guid,aero Sys | 3.04B | 231M | 0.6613 | 24.32 | 5.62B |
From Apr 2019 to Apr 2024
TIDMSMIN
RNS Number : 2516E
Smiths Group PLC
03 July 2019
News Release
London, 3 July 2019
For immediate release
Smiths Group extends pension de-risking with GBP176m buy-in
Smiths Group plc ("Smiths" or "the Company") announces today that the Trustee of the Smiths Industries Pension Scheme (the "Scheme") has entered into a bulk annuity buy-in agreement with Canada Life.
Demonstrating the Company's commitment to de-risking its pension liabilities, the buy-in policy covers liabilities totalling GBP176m relating to over 2,000 legacy Scheme pensioners and dependants. This is the Scheme's second such policy with Canada Life. Through a series of buy-ins, around GBP0.8bn of the Smiths Industries Pension Scheme liabilities has now been insured. Across the Company's two main UK schemes around GBP1.6bn of the liabilities are now insured.
Nicholas Godden, Chair of the Smiths Industries Pension Scheme Trustee, said:
"This is the second buy-in we have completed with Canada Life as part of our long-term de-risking strategy. We have made considerable strides to de-risk the Scheme and our aim is to continue to do so in the future."
John Shipsey, Chief Financial Officer, said:
"Our sustained focus, over many years, on de-risking the Group's pension liabilities has reduced volatility and led to lower funding obligations - freeing up capital for Smiths to invest in growth opportunities."
END
Enquiries:
Investor enquiries Jemma Spalton, Smiths Group Marion Le Bot, Smiths Group +44 (0)20 7004 1637 +44 (0)20 7004 1672 +44 (0)78 6739 0350 +44 (0)75 8315 4386 jemma.spalton@smiths.com marion.lebot@smiths.com Media enquiries Deborah Scott, FTI Consulting Alex Le May, FTI Consulting +44 (0)20 3727 1459 +44 (0)20 3727 1308 +44 (0)797 953 7449 +44 (0)7702 443 312 smiths@fticonsulting.com smiths@fticonsulting.com
Legal Entity Identifier (LEI): 213800MJL6IPZS3ASA11
About Smiths Group
Smiths is a global technology company listed on the London Stock Exchange (SMIN) and operates a sponsored level one ADR programme (SMGZY). Its businesses share common characteristics (well-positioned in growing markets, technology-led, asset-light, digitising, with a high proportion of aftermarket revenues) and a common operating model (The Smiths Excellence System). For more information visit www.smiths.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
July 03, 2019 02:00 ET (06:00 GMT)
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