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Disposal of Yorkshire Fittings: IMI's Repositioning Continues with Disposal of Copper Fittings - 22 July 2002
IMI plc, the major international engineering group, today announces the sale of its Copper Fittings business. The business is being acquired by the Dutch-based Aalberts Industries NV. The total proceeds are £65m in cash of which £60m is payable on completion and £5m twelve months from completion, which is expected to take place within the next month.
In the year ended 31 December 2001 the Copper Fittings business, whose main operating units are in the UK, Germany, France and Hungary, had sales of £90m and operating profit (before rationalisation costs and goodwill amortisation) of £9.5m. The value of the assets to be transferred is approximately £37m.
This disposal is a further step in the execution of IMI's previously announced strategy to focus on businesses which offer the strongest long term prospects for growth and divest over time its remaining activities in Building Products. In line with this strategy the proceeds of sale will be reinvested in growing Fluid Controls and Retail Dispense.
IMI's Chief Executive, Martin Lamb, commented, "Aalberts Industries is a leading international industrial group and the Copper Fittings business will be part of their Flow Controls Group. I am pleased that we were able to find such a natural home for the business.
For IMI this sale represents further progress in our repositioning. We continue to look at opportunities to invest in our Fluid Controls and Retail Dispense businesses."
Graham Truscott
Communications Director
IMI plc
Tel: 0121 332 2330
Ben Padovan
Weber Shandwick Square Mile
Tel: 020 7950 2800
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