17 January 2003
17 January 2003
IMI CONTINUES INVESTMENT IN SEVERE SERVICE
IMI plc has continued investing in its Severe Service business by acquiring
California-based Fluid Kinetics for a cash consideration of $8m (£5m). Fluid
Kinetics is a premier supplier of customised industrial silencers to the US
market, and has annual sales of around $8m.
By combining CCI's existing severe service valve know-how with Fluid Kinetics'
silencer expertise, CCI will be better positioned to provide effective noise
solutions to meet the unique requirements of individual customers.
Martin Lamb, Chief Executive IMI plc, commented; 'CCI is a leading supplier of
severe service control valves. The acquisition of Fluid Kinetics broadens CCI's
outstanding portfolio of products and services and enhances its ability to
provide severe service solutions to its worldwide customers in the power and oil
and gas markets.'
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For further information contact:
Graham Truscott, Communications Director Tel: 0121 332 2330
Weber Shandwick Square Mile
Ben Padovan / Peter Corbin Tel: 020 7067 0700
Information about IMI plc can be found on the website: www.imiplc.com
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' through bespoke
solutions rather than a high manufacturing or material content.
IMI is quoted on the London Stock Exchange and is capitalised at approximately
This information is provided by RNS
The company news service from the London Stock Exchange