20th Dec 2021 09:13
(Alliance News) - IMI PLC on Monday said it has completed the acquisition of Massachusetts-based laboratory equipment manufacturer Adaptas Solutions.
The Birmingham-based engineering company previously announced that it would acquire Adaptas Solutions for an enterprise value of USD271 million.
Adaptas Solutions will become part of IMI's precision fluid original equipment manufacturer business unit within IMI Precision Engineering. IMI Precision Engineering specialise in developing motion and fluid control technology.
For financial 2021, Adaptas Solutions is expected to generate revenue USD83 million and earnings before interest, tax, depreciation and amortisation of USD17 million.
Shares in IMI were down 1.9% at 1,672.00 pence on Monday morning in London.
By Heather Rydings; [email protected]
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