Smiths Industries PLC agreed to pay $350...

Smiths Industries PLC agreed to pay $350 million for part of Lear Siegler’s aerospace holdings, more than doubling its size in that industry. The purchase gives a substantial foothold in the U.S. aerospace business to Smiths, which is involved in aerospace, medical and general industrial businesses. The British conglomerate will acquire Lear Siegler Instrument and Avionics Systems Corp. of Grand Rapids, Mich.; Lear Siegler Avionic Systems Holding Corp. of Florham Park, N.J., and Lear Siegler International Corp. of Stamford, Conn. The Lear Siegler units make and market weapons, communications and navigation systems.