03 October 2005
3 October 2005
IMI expands severe service capability in Asia
IMI, the major international engineering group, today announces that it has
agreed to acquire the control valves business of ABB KK in Japan, a leading
provider of severe service control valves to the Japanese power industry.
Completion is expected to take place within the next month.
The consideration, payable in cash is Y4.0bn (£20m). For the year ended 31
December 2004, unaudited sales were Y3.4bn (£17m).
The business has designed, manufactured, and serviced control valves in Japan
for more than 30 years, and has established a strong reputation with most of the
major Japanese power generating companies. Operating from Seishin, near Kobe,
the operation employs around 70 people, including a talented and experienced
management team, who will remain with the business.
An additional £6m has also been invested to further strengthen CCI's presence in
Asian markets. A new business has been established in China where IMI has 70%
ownership in a joint venture with the Shanghai Power Station Auxiliary Equipment
Works Co Ltd and full control has now been taken of the previously 50% owned
joint venture in South Korea.
IMI Executive Director, David Nicholas commented:
'CCI's presence in Asian markets is significantly strengthened by these
developments. The control valves business of ABB KK in Japan brings with it both
a strong reputation in severe service applications and a substantial installed
'This acquisition, together with the developments in Korea and China, increases
our capabilities in markets where there is strong demand for our severe service
- Ends -
Graham Truscott, Communications Director Tel: 0121 717 3712
Weber Shandwick Square Mile
Nick Oborne / 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 an 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 (Severe
Service, Fluid Power, Indoor Climate) and Retail Dispense (Beverage 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