IMI plc announces the completion of the disposal of its Beverage Dispense and Merchandising divisions
Further to the announcement on 16 October 2013, IMI plc (“IMI” or the “Group”) is pleased to announce that the disposal of its Beverage Dispense and Merchandising divisions for an enterprise value of $1.1 billion was completed on 1 January 2014.
As previously indicated, IMI proposes to return approximately £620 million of cash to shareholders by way of a “B and C share” scheme which will offer shareholders the opportunity to choose whether to receive the cash as an income and/or capital payment (and which will be accompanied by a share consolidation). The proposed return of cash will require IMI shareholder approval at a general meeting. It is expected that a circular containing details of the proposed B and C share scheme, the action recommended to be taken by IMI shareholders and a notice of general meeting (including the requisite shareholder resolutions) will be sent to IMI shareholders around the end of this month.
To support the Group’s more focused business portfolio, Brendan Colgan, Managing Director of Fluid Power, and Peter Spencer, Managing Director of Indoor Climate, have been appointed to the Group’s Executive Committee of which Roy Twite, Executive Director and Managing Director of Severe Service, is already a member. All three divisional Managing Directors will report directly to Mark Selway.
Mark Selway, Chief Executive of IMI, said:
“IMI is now a specialist flow control group entirely focused on industrial end markets. This strong foundation creates greater opportunities for technical and operational synergies and provides an excellent platform for future growth.”
Will Shaw IMI Tel: +44 (0)121 717 3712
Suzanne Bartch StockWell Communications Tel: +44 (0)20 7240 2486
IMI, the international engineering company, designs, manufactures and services bespoke solutions that control the precise movement of fluids. Its innovative technologies, built around valves and actuators, enable vital processes to operate safely, cleanly, efficiently and cost effectively.
It works with customers across a range of high growth sectors, including energy, oil and gas, energy efficient buildings, rail and commercial vehicles all of which are benefiting from the impact of long term global trends including climate change, urbanisation, resource scarcity and an ageing population.
The Group employs over 12,000 people, has manufacturing facilities in more than 20 countries worldwide and operates a global service network. IMI is listed on the London Stock Exchange and is a member of the FTSE100. Further information is available on the IMI website at www.imiplc.com.