UK's Smith in talks to buy Medex for $1 billion

British aerospace to medical products firm Smiths Group Plc is in advanced talks to buy US medical products maker Medex Holdings Corp for close to $1 billion, the Sunday Telegraph newspaper reported. California-based Medex is majority-owned by One Equity Partners, the private equity arm of US bank J.P. Morgan Chase & Co, the paper said.
Medex makes a variety of medical products, including a fluid and drug infusion system, invasive pressure monitoring systems, catheterization laboratory packs and respiratory products.
On August 12, Medex reported it earned $19.4 million on revenue of $159.1 million in the first six months of 2004 after losing $3.7 million on revenue of $70.9 million in the same period a year earlier.