09 August 2007
9 August 2007
IMI acquisition expands Indoor Climate capabilities
IMI plc, the major international engineering group, has agreed to acquire
Pneumatex AG (Pneumatex), an indoor climate business with an excellent
reputation for the manufacture and supply of water conditioning equipment into
building systems for heating, cooling and drinking water.
IMI has agreed to acquire 70% of Pneumatex from private shareholders for CHF 38m
(£15.5m) payable in cash on completion and a performance related cash payment of
approximately CHF 5m in 2009. Completion is subject to regulatory clearances and
is expected to take place within the next two months. IMI expects to acquire the
remaining 30% over the next three years.
For the year ended 31 December 2006, Pneumatex had sales of CHF 63m and
underlying profit (EBIT) of CHF 7.5m. The value of the net operating assets to
be acquired is approximately CHF 24m. Pneumatex has 250 employees across Europe
and is headquartered in Basle, Switzerland.
Pneumatex products are fitted within the same building systems as TA balancing
valves and are specified by the same consultants in the same niche markets. Both
provide sophisticated hydronic systems which optimize heating, cooling and water
management systems within buildings. Pneumatex products, which include both
active and passive pressurization equipment and dirt and air separators, are
frequently used to improve balancing valve performance.
IMI Executive Director, David Nicholas, commented:
'With complementary products and the same knowledge-based, systems approach
towards commercial buildings, the synergies between TA and Pneumatex will yield
greater energy efficiency and control for building designers and operators, and
improved personal comfort for occupants.
This excellent addition to our Indoor Climate business extends our capabilities
to both existing customers and potential new customers around the world'
- Ends -
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