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 | | Tuesday, 23 October, 2001, 12:53 GMT 13:53 UK Smiths Group in the hotseat  Smiths Group makes a wide range of electronics. Keith Butler-Wheelhouse Keith Butler-Weelhouse is a car man by trade, having spent the bulk of his working life in the automobile sector. He began his career with Ford in South Africa before graduating to senior appointments at General Motors, Delta Motor Corporation (where he became chief executive) and SAAB Automobile Sweden where he was president. He was appointed chief executive of Smiths Group in November 1996. The Company Smiths Group was formed in December 2000 from the merger of Smiths Industries and TI Group. It operates four distinct businesses: aerospace, healthcare, sealing and industrial manufacturing. Of these aerospace is the biggest, accounting for 40% of sales split evenly between civil and military manufacturing. Around 50% of Smiths Group profits come from the US market. Company History Smiths Group started life as a watchmaker way back in 1851. The company as we know it today is largely the result of two big mergers: On the Markets Smiths Group has sales of more than �3bn worldwide, and is valued at about �3.7bn. Earlier this year it announced an increase of 5.6% in its pre-exceptional half-year profits to �135.6m. Its annual share dividend was increased by 5% in 2001 to 25p. Analyst Outlook Tony Craze from Christows Stockbrokers rates the shares a "buy". He believes the management are taking pre-emptive measures against a downturn in their markets, have a good cash generation record, and a good balance of business portfolios. Other analysts including UBS Warburg and Merrill Lynch also rate the company a "buy". The only voice of dissent is HSBC which is advising holders to reduce their exposure. | |
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