IMI Sells Witton Site
IMI PLC
08 January 2003
8 January 2003
IMI SELLS WITTON SITE
IMI plc has sold its 95 acre industrial site at Witton, Birmingham to The
Prudential for £27m. Completion took place on 20 December 2002. A joint
venture between The Prudential, Frontier Estates and Opus Land will be
developing the site and work is expected to start in July 2003.
As part of the changes arising from the sale, IMI's corporate headquarters will
move to new leased premises located on the Birmingham Business Park, and Eley,
the .22 sporting cartridge manufacturer, will relocate to nearby Minworth,
Birmingham. In addition, our UK Severe Service business will consolidate its
current manufacturing operations at Witton from three existing buildings to a
new leased production facility of around 90,000 square feet to be built as part
of the redevelopment.
The sale of the 95 acre site is the final piece of IMI's original Witton site
which once comprised over 200 acres. Previously 55 acres were developed by IMI
as the award winning Holford Estate which was sold in 1995. Smaller parcels of
land have also been sold for development over the years.
It is expected that the new Headquarters building at the Birmingham Business
Park will be available for occupation in April 2003.
Trevor Slack, Finance Director of IMI, commented, 'Although there is some
sadness at ending our long association with Witton, we are delighted that the
site will be regenerated and provide opportunities for new jobs in the area. We
are looking forward to moving our corporate headquarters. The Birmingham
Business Park will give us modern office accommodation in an established
environment offering excellent transport and business connections. Although IMI
is now a significant international engineering company, our roots remain in the
Birmingham area.'
- End -
For further information contact:
IMI plc
Trevor Slack, Finance Director Tel: 0121 356 4848
Weber Shandwick Square Mile
Peter Corbin Tel: 020 7067 0718
Information about IMI plc can be found on the website: www.imiplc.com
Note to Editors:
IMI plc is a dynamic 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 and Retail 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' solutions through
bespoke solutions rather than a high manufacturing or material content.
IMI is quoted on the London Stock Exchange and is capitalised at approximately
£944 million.
Additional note to Editors:
Dovebid Bache and DTZ Tie Leung (agents) and Pinsent Curtis & Biddle (legal
advisor) acted for IMI on this transaction.
This information is provided by RNS
The company news service from the London Stock Exchange
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