Tennessee, USA [25] AUGUST, 2023: Flex-Tek, a leading provider of high-performance, engineered solutions for the management of liquids and gases in a broad range of industry sectors – and a division of the FTSE 100 industrial technology company, Smiths Group plc – announces today that it has acquired HCP, an Ohio-based manufacturer of Heating, Ventilation & Air Conditioning (HVAC) solutions.
The addition of HCP will expand Flex-Tek’s HVAC presence in the North American market and enable Flex-Tek to serve customers even better with a broader product range, including HCP’s patented axial and radial seal duct technology.
Pat McCaffrey, Flex-Tek President, said: “HCP is a great business with significant potential for growth with Flex-Tek. It gives us a broader, more compelling product offer for our customers and extends our geographical footprint and product capabilities. HCP is a great fit for us, and I’d like to welcome the HCP management team and employees to Flex-Tek and look forward to realising our future growth prospects together.”
This latest acquisition for Flex-Tek follows the purchase of Royal Metal Products in 2021 which was successfully integrated into the business. Royal Metal Products was accretive to overall Flex-Tek growth in FY2022 and, when integrated with Thermaflex and now HCP, gives Flex-Tek a powerful presence in North American construction markets, where growing energy saving regulations towards building efficiency and a positive medium-term outlook for the residential property sector offer key tailwinds.
HCP was a privately owned business. It is headquartered in the US with more than 200 employees.
About Flex-Tek
Flex-Tek is a global provider of engineered components that heat and move fluids and gases for the aerospace, medical, industrial, construction and domestic appliance markets. Visit: https://flextekgroup.com/
Flex-Tek is part of Smiths Group plc. For over 170 years, Smiths Group has been pioneering progress by improving the world through smarter engineering. Smiths serves millions of people every year to help create a safer, more efficient and better-connected world, across four major global markets: Energy, General Industry, Security & Defence and Aerospace. Listed on the London Stock Exchange, Smiths employs c.14,600 colleagues in over 50 countries. For more information visit www.smiths.com.
Contacts
Flex-Tek
| Media enquiries
Tom Steiner, Smiths Group
|
Investor enquiries
Stephanie Heathers, Smiths Group
|