29 August 2000
IMI makes £14 million Hydronics acquisition in US
IMI plc, the major international engineering group, today announces the
acquisition of Flow Design Inc. for a cash consideration of US$21 million (£14
Based in Dallas, Texas, where it employs 125 people, Flow Design Inc.
manufactures balancing valves for the heating, air-conditioning and
ventilation market. It is the US market leader in automatic flow control
devices. Sales in 1999 were US$15.4 million.
The acquisition is an excellent fit with IMI's Indoor Climate Control
businesses, TA Hydronics and Heimeier. They will benefit from Flow Design
Inc.'s market leading automatic flow control technology and the ability to
develop the combined product range within the world's largest marketplace.
Likewise, the acquisition provides Flow Design Inc. the opportunity to market
its products through IMI Hydronic Controls' existing international sales and
Barry Pointon, an IMI Executive Director, said: 'This is yet another step in
the strategic development of IMI Hydronic Controls and the Indoor Climate
Control businesses. We are currently the world leader in manual balancing
technology, and the acquisition of Flow Design Inc. enables us to exploit the
opportunities within the rapidly growing automatic balancing valves market.
Flow Design Inc. also provides us with an important entree into the US market
- the largest balancing valve market in the world.'
TA Hydronics and Heimeier are part of IMI's Hydronic Controls group that
reported turnover of £543 million and an operating profit of £69.5 million for
Barry Pointon, Executive Director Tel: 0121 356 4848
Ben Padovan Tel: 020 7329 0096