Authorities OK Trelleborg's acquisition of Smiths' precision seal business

TRELLEBORG, Sweden (Sept. 22)—Regulatory authorities in the U.S. and Europe have approved Trelleborg Group's acquisition of Smiths Group P.L.C.'s precision seal business, clearing the way for the $795 million deal to be completed by the end of September. The Smiths Group division, which does business as Forsheda, Busak+Shamban, Dowty and Shamban, generated $670 million in sales last year, with operations located principally in Europe and North America. Three-fourths of its sales and personnel are located in Europe. Trelleborg will run the acquired operations as a new business area, Polymer Sealing Solutions, representing nearly 25 percent of the Swedish firm's sales.