22 July 2002
22nd July 2002
IMI'S REPOSITIONING CONTINUES WITH DISPOSAL OF
IMI plc, the major international engineering group, today announces the sale of
its Copper Fittings business. The business is being acquired by the Dutch-based
Aalberts Industries NV. The total proceeds are £65m in cash of which £60m is
payable on completion and £5m twelve months from completion, which is expected
to take place within the next month.
In the year ended 31 December 2001 the Copper Fittings business, whose main
operating units are in the UK, Germany, France and Hungary, had sales of £90m
and operating profit (before rationalisation costs and goodwill amortisation) of
£9.5m. The value of the assets to be transferred is approximately £37m.
This disposal is a further step in the execution of IMI's previously announced
strategy to focus on businesses which offer the strongest long term prospects
for growth and divest over time its remaining activities in Building Products.
In line with this strategy the proceeds of sale will be reinvested in growing
Fluid Controls and Retail Dispense.
IMI's Chief Executive, Martin Lamb, commented, 'Aalberts Industries is a leading
international industrial group and the Copper Fittings business will be part of
their Flow Controls Group. I am pleased that we were able to find such a natural
home for the business.
For IMI this sale represents further progress in our repositioning. We continue
to look at opportunities to invest in our Fluid Controls and Retail Dispense
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For further information contact:
Graham Truscott Tel: 0121 332 2330
Ben Padovan Tel: 020 7950 2800
Weber Shandwick Square Mile
Note to editors:
IMI plc is a dynamic international engineering business specialising in
innovative solutions and services for a wide range of industrial and retail
customers. Its future growth is being built on the two business areas of Fluid
Controls and Retail Dispense.
IMI's operations in these two business areas share the following core
characteristics: strong market positions in growing markets; the ability to be
clearly differentiated from their competitors through technological innovation
or after-sales service; and the provision of 'added value' solutions through
bespoke solutions rather than a high manufacturing or material content.
IMI is quoted on the London Stock Exchange and is capitalised at approximately
Aalberts Industries NV. is an internationally operating industrial group with
two main areas of activity, Industrial Services and Flow Control Systems, in
each of which it occupies strong market positions. It operates through a network
of substantially autonomous business units around the world and is quoted on the
Amsterdam Stock Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange