IMI continues investment in severe service - 17 January 2003

IMI plc has continued investing in its Severe Service business by acquiring California-based Fluid Kinetics for a cash consideration of $8m (£5m). Fluid Kinetics is a premier supplier of customised industrial silencers to the US market, and has annual sales of around $8m.

By combining CCI's existing severe service valve know-how with Fluid Kinetics' silencer expertise, CCI will be better positioned to provide effective noise solutions to meet the unique requirements of individual customers.

Martin Lamb, Chief Executive IMI plc, commented; “CCI is a leading supplier of severe service control valves. The acquisition of Fluid Kinetics broadens CCI's outstanding portfolio of products and services and enhances its ability to provide severe service solutions to its worldwide customers in the power and oil and gas markets.”

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For further information contact:

IMI plc
Graham Truscott, Communications Director
Tel: 0121 332 2330

Weber Shandwick Square Mile
Ben Padovan / 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' through bespoke solutions rather than a high manufacturing or material content.

IMI is quoted on the London Stock Exchange and is capitalised at approximately £950 million.

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