30 June 2004
30 June 2004
IMI acquisition strengthens fluid power strategy
IMI plc, the major international engineering group, has agreed to acquire Fluid
Automation Systems (FAS), an innovative high technology Swiss company
specialising in miniature solenoid valve solutions for markets including
medical, printing, semiconductor and beverage machinery.
IMI has agreed to acquire FAS, subject to regulatory approval, for an enterprise
value of around £20m. For the year to December 2003, FAS operating profit was
£2m on sales of £23m. The value of the net operating assets to be acquired is
approximately £6m. Completion is expected within the next two months.
FAS has established close key account relationships in market sectors already
targeted by IMI's Norgren business and strengthens Norgren's ability to bring
advanced motion and fluid control solutions to major global customers. Over many
years, FAS has developed a market-leading position in miniature solenoid valves
which are particularly important in the medical and semiconductor industries in
applications where space is a critical factor. This FAS technology, together
with Norgren's existing and well-established mid-size ranges provides a
comprehensive solutions platform.
Operating from two main sites near Geneva, FAS employs around 260 people, nearly
a fifth of whom are specialist engineers.
Martin Lamb, IMI's Chief Executive, commented,
'Norgren and FAS share a common vision: to create competitive advantage for
customers by helping them increase sales and reduce costs. Critical to success
is key account management expertise and dedicated design resource. FAS has
invested heavily in both and has established a strong reputation for
This acquisition is another positive step in our strategy to focus on higher
growth OEM customers in key market sectors for whom our added-value solutions
can make a real difference.'
- Ends -
For further information contact:
Graham Truscott, Communications Director Tel: 0121 717 3712
Weber Shandwick Square Mile
Nick Oborne/ Peter Corbin/ Stephanie Badjonat 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