Instruments. It operated with Smiths subsidiary Henry Hughes and Son, who manufactured various instruments for the aviation and marine markets. In 1946, Smiths and the Ingersoll Watch Company founded the Anglo-Celtic Watch Co. Ltd., which produced watches in Wales. At one point, this venture was one of the largest producers of watches in Europe and employed as many as 1,420 employees at its height; however, the Anglo-Celtic Watch Co. Ltd. was closed down in 1980. Second half of 20th century One of Smiths' "De Luxe" wristwatches was worn by Edmund Hillary on his successful ascent of Mount Everest (Rolex also supplied watches but the only watch worn to the summit was a Smiths). The 1950s was a period of significant restructuring for Smiths Group; in 1958, Smiths Aviation and Smiths Marine were organised as separate divisions. During that same year, the business acquired a majority stake in Portland Plastics; the firm would become the foundations of Smiths Medical Systems division. In 1960, the company formed a new Industrial division, the principal focus of which was the development and production of industrial instrumentation. As a measure to reflect its increasing diversification and international operations, the name Smiths Industries Ltd was adopted for the company in 1967. At the time of this name change, the company's advertised product range comprised: automotive – aerospace – marine – building – medical – clocks – watches – appliance controls – industrial instruments – ceramics – electronics. By the late 1970s, the markets for clocks, watches, and automotive instruments had progressively decreased to the point where little of Smith's revenue came from these sources. The importance of the UK market was also diminishing for the company; by the early 1980s, 40 per cent of Smith Industry's profits were attributed to its overseas markets. In line with these business trends, the company embarked on a further round of restructuring during this period, leading to the adoption of a decentralised structure and looser management style. During 1983, Smiths Industries decided to cease its involvement as a direct supplier of Europe's automotive industry, selling on its automotive instrument division; the division was initially acquired by Lucas and subsequently by the factory employees themselves. They formed a new company, Caerbont Automotive Instruments, which has continued to produce classic Smiths-branded instruments for decades with the blessing of Smiths Group plc. In 1984, Smiths Industries was reorganised into three principal operating divisions: