IMI sells Witton site - 8 January 2003
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.”
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For further information contact:
IMI plc
Trevor Slack, Finance Director
Tel: 0121 356 4848
Weber Shandwick Square Mile
Peter Corbin
Tel: 020 7067 0700
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.
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