23 May 2007
23 May 2007
IMI acquisition enhances sector focus in Fluid Power
IMI plc, the major international engineering group, has agreed to acquire the
business of Kloehn Company Ltd (Kloehn), a leading US provider of specialist
pumping and fluid handling systems for the medical sector.
IMI has agreed to pay a cash consideration of US$60m at completion and an
additional cash consideration of up to $20m dependent on stretching performance
targets for the financial year ending 31 December 2007. Completion is subject to
regulatory clearances and is expected to take place within the next two months.
For the year ended 31 December 2006, Kloehn had unaudited sales of $26m and
underlying operating profit of $5.4m.
Based in Las Vegas, USA, Kloehn is a leading manufacturer of precision syringes
and pumps, syringe controls and ceramic valves for the medical equipment
industry. Central to Kloehn's success is its excellent relationships with major
US medical sector customers and its ability to provide integrated customised
solutions. The medical sector is one of the long term growth areas targeted by
IMI's Fluid Power business and Kloehn significantly adds to Norgren's strength
in this area.
IMI Executive Director, David Nicholas, commented:
'Kloehn has built an excellent reputation as a supplier of customised solutions
in the medical sector. The acquisition develops our skill set and complements
the existing medical sector operations of our Norgren business, extending our
reach into medical diagnostics and analytical markets.'
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For further information contact:
Graham Truscott, Communications Director Tel: 0121 717 3712
Weber Shandwick Financial
Nick Oborne / Stephanie Badjonat / Charlie Hooper Tel: 020 7067 0700
Note to editors:
IMI is a dynamic, worldwide company delivering innovative engineering solutions
to leading global customers in clearly defined niche markets. Its five
businesses share a common goal - to convert their industry knowledge and market
insight into customised, design-engineered solutions which create customer
advantage and value. These include severe service valves, motion and fluid
control systems, indoor climate controls, beverage dispense systems, and
merchandising display systems for retail operations.
Close customer relationships, strong positions in growing markets and clear
differentiation through technological innovation or service are the defining
characteristics of all IMI businesses.
IMI is quoted on the London Stock Exchange. Information about IMI plc can be
found on the website: www.imiplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange