British technology company Smiths Group topped the list of the FTSE 100's biggest gainers this morning after it announced plans to expand in the US.
Smiths said that it is acquiring Kansas City-based Interconnect Devices Inc. from a private equity firm, Milestone Partners, for $185m. This will be Smiths' biggest buy since Philip Bowman became the company's chief executive in 2007.
"The most interesting thing about Smiths' acquisition is that it is being done," said an analyst at Evolution Securities.
"Smiths is seen as more of a seller than a buyer but this deal suggests that the group may be looking at refocusing on its growth businesses to become, by a combined process of disposals and acquisitions, a growth midcap again, rather like the Smiths of old."
Shares in the company were up 16p, or 1.45%, at £11.16.
