13 November 2000
£9 million IMI disposal in Australasia
IMI plc, the major international engineering group, today announces the sale
of its plumbing and heating fittings business in Australasia to the GSA Group,
based in Melbourne, Australia, for a cash consideration of approximately £9
million. Sales in 1999 were just over £15 million.
Barry Pointon, IMI Executive Director responsible for Hydronic Controls, said
'IMI believes this combination is in the best interest of both parties.'
The proceeds of the sale were paid in full on completion and will be
re-invested in IMI's businesses.
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Barry Pointon Tel: 0121 356 4848
Bobby Leach / Peter Corbin Tel: 020 7329 0096