9 August 2007 - IMI acquisition expands Indoor Climate capabilities
IMI plc, the major international engineering group, has agreed to acquire Pneumatex AG (Pneumatex), an indoor climate business with an excellent reputation for the manufacture and supply of water conditioning equipment into building systems for heating, cooling and drinking water.
IMI has agreed to acquire 70% of Pneumatex from private shareholders for CHF 38m (£15.5m) payable in cash on completion and a performance related cash payment of approximately CHF 5m in 2009. Completion is subject to regulatory clearances and is expected to take place within the next two months. IMI expects to acquire the remaining 30% over the next three years.
For the year ended 31 December 2006, Pneumatex had sales of CHF 63m and underlying profit (EBIT) of CHF 7.5m. The value of the net operating assets to be acquired is approximately CHF 24m. Pneumatex has 250 employees across Europe and is headquartered in Basle, Switzerland.
Pneumatex products are fitted within the same building systems as TA balancing valves and are specified by the same consultants in the same niche markets. Both provide sophisticated hydronic systems which optimize heating, cooling and water management systems within buildings. Pneumatex products, which include both active and passive pressurization equipment and dirt and air separators, are frequently used to improve balancing valve performance.
IMI Executive Director, David Nicholas, commented:
“With complementary products and the same knowledge-based, systems approach towards commercial buildings, the synergies between TA and Pneumatex will yield greater energy efficiency and control for building designers and operators, and improved personal comfort for occupants.
This excellent addition to our Indoor Climate business extends our capabilities to both existing customers and potential new customers around the world”
– Ends –
For further information contact:
IMI plc
Graham Truscott, Communications Director
Tel: 0121 717 3712
Weber Shandwick Financial
Nick Oborne / Stephanie Badjonat / Charlie Hooper
Tel: 020 7067 0700
Note to editors:
IMI is a dynamic, worldwide company delivering innovative engineering solutions to leading global customers in clearly defined niche markets. Its five businesses share a common goal - to convert their industry knowledge and market insight into customised, design-engineered solutions which create customer advantage and value. These include severe service valves, motion and fluid control systems, indoor climate controls, beverage dispense systems, and merchandising display systems for retail operations.
Close customer relationships, strong positions in growing markets and clear differentiation through technological innovation or service are the defining characteristics of all IMI businesses.
IMI is quoted on the London Stock Exchange. Information about IMI plc can be found on the website: www.imiplc.com.
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