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back to topIMI announces acquisition in Fluid Power - 9 February 2005
IMI plc, the major international engineering group, has acquired Syron Engineering and Manufacturing (Syron), a leading provider of press tooling solutions for the US automotive industry.
IMI has acquired Syron for a cash consideration of $33.4m (£18m). For the year to 31 December 2004, Syron had unaudited sales of $24.3m (£13m). The value of the net operating assets to be acquired is approximately $9m (£5m).
Syron designs and supplies tooling to optimise the efficiency of transfer stamping presses for in-plant automotive applications. Central to Syron's success are its excellent relationships with major US automotive manufacturers and their tier 1 suppliers of pressed parts.
Operating from two main sites in Michigan close to its key customers, Syron employs around 150 people, including a talented and strong management team who will remain with the business.
David Nicholas, IMI's Executive Director (Fluid Controls), commented:
“Syron has built an excellent reputation as a US market leader in tooling solutions for transfer presses and complements the existing in-plant automotive operations of our Norgren business, extending its reach into transfer press tooling. The acquisition represents a significant opportunity for Norgren to develop the range of services that it provides to the automotive sector and to strengthen its relationships with leading automotive customers”.
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IMI plc
Graham Truscott, Communications Director
Tel: 0121 717 3712
Weber Shandwick Square Mile
Nick Oborne/ Stephanie Badjonat
Tel: 020 7067 0700
Information about IMI plc can be found on the website: www.imiplc.com
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 £1.5bn.