IMI makes £16 million acquisition - 11 January 2001
IMI plc, the major international engineering group, has today agreed to acquire the BTG severe service valves business from Fairey Group Plc for a cash consideration of approximately £16 million.
BTG supplies high performance turbine bypass systems for steam and water applications in power and process plants. BTG's manufacturing facilities are located in Sweden and it has sales and service locations in more than a dozen countries worldwide. BTG employs 184 people and in the year ended 31 December 2000 unaudited sales and operating profits were £21 million and £1.7 million respectively.
With extensive experience in steam conditioning and turbine bypass systems technology, BTG is an excellent fit with Control Components Inc ("CCI"), part of IMI's Energy Controls businesses, and broadens CCI's severe service valve product offering.
The consideration is payable in cash on completion which is expected to take place in the next month subject to regulatory clearance.
Martin Lamb, Chief Executive of IMI plc, said: "BTG is an important step in consolidating CCI's position as a leading supplier of severe service valves, enhancing its standing in northern and eastern Europe in particular. Worldwide demand for severe service valves looks set to continue its pattern of strong growth as customers seek to optimise plant efficiency and reduce energy consumption. The current order book stretches into 2002."
-ends-
Enquiries:
IMI plc
Tel: 0121 332 2343
Martin Lamb, Chief Executive
Issued by:
Weber Shandwick Worldwide
Tel: 020 7329 0096
Ben Padovan
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