EDGEWOOD, Md., 17 May 2005. Smiths Group plc announces that it has entered into a definitive agreement to acquire ETI Technology, Inc., a small, privately owned company that has developed techniques for the detection of harmful biological agents.
ETI has developed optical sensors that perform an initial screening of bio-agents to provide analysis and classification, permitting more efficient and rapid deployment of biological detectors to identify the specific agent precisely.
This complementary technology would be employed to reduce operational costs for conventional detectors made by Smiths Detection, including equipment to identify biological agents used by military forces, emergency response teams, and in critical infrastructure applications.
Smiths is paying $4 million for ETI, in cash, plus deferred performance-related consideration up to a maximum of $4.5 million. Closure is subject to U.S. regulatory approval.
ETI's patented biosensors uniquely enable detection without the use of added fluids and can operate remotely with no user intervention. They can rapidly detect, distinguish and quantify groups of biological agents such as bacteria, bacterial spores, toxins and viruses.
The approach is a departure from other sensors that identify a single organism. When configured as a multi-sensor array, the ETI technology provides a real-time snapshot of microbes and chemicals present in the environment. The technology has already performed well in testing in both the U.S. and U.K.
"ETI has a very successful record in R&D, providing new technologies that will enhance the Smiths Detection bio product range," said Bob Judd, president of Smiths Detection - Military. "This deal will greatly strengthen our position in meeting the requirements of some major government programs, while offering exciting possibilities in other markets in the longer term."
ETI was formed in 1997, in Boston, Mass. and holds multiple U.S. patents and patent
applications. Smiths Detection has already worked closely with ETI, for two years, on a major U.K. military program. This acquisition further broadens the technology base in Smiths Detection. Earlier this year it announced the acquisition of Farran Technology Ltd., which is developing millimeter-wave screening to detect hidden weapons and explosives for applications in transportation security.
Smiths Detection is one of four operating divisions of Smiths Group plc. Smiths Detection offers technologically advanced security solutions to detect and identify explosives, chemical & biological agents, weapons and contraband. Employing trace detection technology together with Smiths Heimann X-ray imaging, the company provides screening solutions for customers in civil and military markets worldwide. For more information, see www.smithsdetection.com.
