Smiths Medical parent company Smiths Group (LON:SMIN) today announced plans to pursue a demerger with its Smiths Medical business, which will become separately listed in the UK.

Smiths Group said it believes the demerger will strengthen both companies and allow the newly separated medical business to better capitalize on its leading positions, product launches and other value-creating opportunities. The company said it expects to complete the demerger some time during the first half of next year.

“Pursuing a demerger of Smiths Medical will lead to two stronger companies each focusing on accelerating the execution of their plans and maximising the opportunities in their respective markets. With sustained operational improvement and investment, both Smiths and Smiths Medical are well positioned to capitalise on their leadership positions and new products. Smiths will become a leading industrial technology group concentrated on the execution of its organic and inorganic growth strategy whilst maximising shareholder value,” CEO Andy Reynolds Smith said in a prepared statement.

The newly independent medical company will also need a new chief exec after its former prez & CEO Chris Holmes stepped away, effective Deceember 31, according to a Minneapolis Star Tribune report. The conglomerate said that it has already begun the search for a replacement for Holmes.

Smiths Medical will have corporate headquarters in the U.K. with operational headquarters in Plymouth, Minn., according to the report. The medical business employs approximately 7,600 employees worldwide.

“Based on the work done to date, Smiths does not foresee any potential roadblocks in executing the demerger.  The strategic plan for Smiths Medical will be further developed with the leadership over the coming months,” Smiths Group said in a press release.

The demerger comes after years of seeking a buyer for Smiths Medical with no success. Last September, Smiths Medical ended possible merger plans with ICU Medical (NSDQ:ICUI) in a deal reportedly worth approximately $4 billion. The companies had been in discussions since last May.

Listed amongst other potential buyers over the past years are Baxter (NYSE:BAX), Teleflex (NYSE:TFX) and B. Braun, though no discussions were officially disclosed.