21 November 2005
21 November 2005
IMI plc announces a further acquisition in Fluid Power
IMI plc, the major international engineering business, today announces that it
has purchased GT Development Corporation, from private shareholders, for an
enterprise value of $27 m. Revenues for the year ended June 2005 were $39 m and
the value of the assets acquired is approximately $8 m.
Based in Washington State, USA, GT Development is a leading designer and
supplier of pneumatic and electronic controls and switches for the US medium and
heavy-duty truck industry. Using advanced pneumatic and electro-mechanical
technologies it differentiates itself by being highly innovative and responsive
to key customers with whom it has developed strong relationships.
The commercial vehicles sector is one of the long term growth sectors targeted
by IMI's Fluid Power business and GT Development significantly adds to Norgren's
strength in the global truck market.
IMI Executive Director, David Nicholas, commented:
'GT Development has an excellent reputation for responsiveness and innovation in
a demanding industry. It is highly complementary to our existing Norgren global
truck business and enhances our aim of engineering advantage for our customers
in the commercial vehicles sector.'
- 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