01 November 2005
1 November 2005
IMI plc, the major international engineering firm, today confirms that it has
completed the acquisition of the severe service valves business of ABB KK in
Japan, announced on 3 October 2005.
IMI also announces that it has acquired, from private shareholders, Northern
Parts and Service, a distributor of food and beverage equipment parts to the US
food service industry. The consideration to be paid in cash for Northern
is $15m. 2005 unaudited revenues were $26m.
Northern, with a team of 60 people located in Plattsburgh, New York, extends the
current beverage parts business within IMI's Beverage Dispense unit. Beverage
and food service parts provision are highly complementary, serving the same
IMI Executive Director Wayne Whitney, commented:
'The acquisition of Northern extends our ability to support our customers'
installed base of food and beverage service equipment in restaurants and other
'The strong customer relationships of Northern, together with the capabilities
of our existing Beverage Dispense parts operation, position us to provide
outstanding parts management solutions to all the leading US food service chains
and service agents.'
- Ends -
Graham Truscott, Communications Director Tel: 0121 717 3712
Weber Shandwick Square Mile
Nick Oborne / Susanne Walker 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