Trelleborg, based in Sweden, completed the acquisition of Smiths precision seal business on October 1, 2003. Regulatory authorities, including regulatory agencies of the European Union and the United States, granted the necessary approvals. Smiths precision seal business is comprised of several companies operating under the umbrella of Polymer Sealing Solutions group (PSS). PSS develops, manufactures and markets security-critical polymer-based precision seals and systems. PSS operates primarily within four market segments: industrial applications (Busak+Shamban), the automotive industry (Dowty Auto), the aerospace industry (Shamban) and pipe seals (Forsheda). PSS is among the three market leaders in Europe or the US in all four of these segments.