According to newspaper reports it may be a good time for Smiths Group to think about a break-up as earnings are not improving. The company has not kept pace with other similar companies who have taken advantage of a capital spending spree in oil and gas.A break-up value on the business of £12 per share has been suggested so long as strategic buyers can be identified for the different parts. The CEO Keith Butler-Wheelhouse is due to leave in 2008 so that might help precipitate any move to sell.