RNS Number : 3339Q
18 October 2011
18 October 2011
Severe Service acquisition
IMI plc ("IMI"), the global engineering group, has acquired TH Jansen Armaturen GmbH ('THJ') a business specialising in severe service valves and related flow control products, for an enterprise value of €17.5m, including approximately €5.2m of assumed debt. The consideration was paid in cash on closing.
Founded in Germany in 1903, THJ designs, manufactures and sells isolation valves for the Iron & Steel, Petrochemical, Water and Power industries. Like IMI's existing Severe Service businesses, THJ's products are typically custom engineered for specific, critical, severe service applications with significant ongoing aftermarket requirements.
THJ has 120 employees and a 10,000 square metre manufacturing facility near Saarbrücken in Germany. In the calendar year 2010 THJ made EBITDA of €2.3m on revenues of €16.0m.
THJ is highly complementary to and will be integrated with Zimmermann & Jansen ("Z&J"), which was acquired at the end of 2010. THJ will significantly enhance Z&J's capabilities as a leading global provider of custom engineered valve, actuation, and control solutions for critical in-plant processes in the Iron & Steel and Petrochemical sectors.
Will Shaw Tel: 0121 717 3712
Rollo Head / Charlie Chichester Tel: 020 7251 3801
Notes to editors:
IMI is a global engineering group focused on the precise control and movement of fluids in critical applications. It works with leading international companies in over 50 countries to deliver innovative engineering solutions, built around valves and actuators, to address global trends such as clean energy, energy efficiency, healthcare and increasing automation. Its shares are listed on the London Stock Exchange and it is a member of the FTSE100. Further information is available at www.imiplc.com.
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