Further news on IMI's repositioning: new CEO appointed at Norgren - 27 September 2001

IMI plc announces today the appointment of Peter Wallace as President and CEO of Norgren, its world leading pneumatics business, with effect from 1 October 2001.

Following a strategic review, IMI is moving its businesses away from high cost manufacturing into customised, knowledge-based, engineering solutions for its global customers. This appointment is a significant step forward for Norgren as it repositions itself within the growing fluid power market.

Mr Wallace, aged 47, brings with him a wealth of senior management experience in global markets and high profile international business. He joins IMI from Rexnord Corporation (part of the Invensys Group), where he was President and CEO.

IMI recently announced it will build its future business around two groups, Fluid Controls, which includes Norgren, with annual sales of approximately £700 million, and Retail Dispense with sales of approximately £400 million.

Martin Lamb, Chief Executive of IMI plc, commented:

"I am delighted to announce the appointment of Peter Wallace as President and CEO of Norgren. Peter brings immense industry knowledge and we are looking forward to the valuable contribution he will make as Norgren focuses on the exciting growth segments within the global pneumatics market."

In a related move Bill Wolsky becomes Deputy President of Norgren, working in conjunction with Peter Wallace on Norgren's global operations.

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Enquiries:

IMI plc
Tel: 0121 356 4848
Graham Truscott, Communications Director

Weber Shandwick Worldwide
Tel: 020 7329 0096
Ben Padovan

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