Smiths Group, plc and Veritas Capital, Inc announced agreement whereby Smiths Group will acquire TRAK Microwave and TECOM Industries. Currently, both TRAK and TECOM are owned by Veritas.

TRAK Microwave, with operations in Tampa, Florida and Dundee, Scotland designs and manufactures microwave components, timing systems and customized devices for the space, defense and wireless infrastructure industries. TRAK will become part of Smiths Interconnect Microwave Components Group that includes EMC Technology and Florida RF Labs. Richard Pea, President of TRAK said, "We are excited to be a part of Smiths which has a long history with the military and space industries. Smiths' commitment to local management providing client oriented solutions aligns perfectly with our business practices. Our seasoned microwave engineering team, coupled with the backing of one of the world's largest engineering firms, ensures our ability to remain focused on our strategic Customer alliances and the markets we service."

TECOM, based in Thousand Oaks, California designs and manufactures antenna and antenna systems for government and commercial customers. TECOM will also become part of Smiths Interconnect. Ralph Phillips, TECOM President said, "We're delighted to join Smiths Group. TECOM is experiencing significant growth and we believe this will be enhanced by our association with Smiths. Our plan is to keep TECOM on the same basic strategic plan while taking advantage of the extensive resources Smiths offers."

Stephen Phipson, Managing Director of Smiths Interconnect said, "We're very pleased with this acquisition. It fits perfectly into our strategy to expand Smiths' product offering in the high performance microwave component, antenna and systems business. TRAK and TECOM have great reputations and a heritage of outstanding customer service. The companies will continue to be managed by the same strong management teams."

The acquisition is subject to regulatory approval with closing anticipated on or before June 1, 2004.