Smiths to give shares worth up to £400 to more than 10,000 staff

Engineering conglomerate Smiths Group has agreed the sale of its Smiths Interconnect business to US electronic components maker Molex Electronic in a deal worth £1.3 billion following investor pressure to break up the firm. -

More than 10,000 staff at Smiths will be given shares worth up to £400 as part of a scheme coinciding with the engineering group’s 175th anniversary.

The company said all of its permanent employees will have the opportunity to own a stake and share in its “future success”.