Smiths Group is an old-fashioned conglomerate manufacturing many different components and machines for diverse markets around the worldFalling productivity in factories around the world because of coronavirus-related restrictions and changes in ways of working will see Smiths Group cut hundreds of jobs as the FTSE 100 industrial conglomerate attempts to hit the targets it has promised the City. The news that Andy Reynolds Smith, the company’s £4.1 million-a year chief executive, is moving to protect profit margin pledges, sent shares in the group 6 per cent higher to £13.77. The stock is in recovery but still well off pre-pandemics peaks, having gone from a high of £17.69 to 814p. Despite its protestations to the contrary, Smiths is a throw-back multinational industrial conglomerate manufacturing many different components and machines for diverse markets around the world. Although it began as a Victorian clockmaker and

Source: The Times June 30, 2020 11:03 UTC