2nd Jan 2014 07:59
LONDON (Alliance News) - IMI PLC Thursday confirmed its plan to return GBP620 million in cash to shareholders following the completion of its USD1.1 billion disposal of its beverage dispensing and merchandising business.
The proposed cash return, which will require approval at a general meeting, would give shareholders the choice of whether to receive the cash as an income or capital payment through a B and C share scheme, the FTSE 100 engineering company said in a statement.
The proposal follows the completion of the sale of IMI's beverage dispensing and merchandising business, announced in October.
The beverage dispensing business produces the drinks dispensers used in fast food restaurants, pubs, convenience stores, hotels and offices around the world. It employs 2,250 people and had revenues of GBP313 million in 2012. The merchandising business provides displays for retailers and brand owners. It employs 850 and made revenues of GBP183 million last year. IMI's total revenues in 2012 were GBP2.19 billion.
IMI sold the business to The Marmon Group, a company owned by Warren Buffett's Berkshire Hathaway, for USD1.1 billion, or GBP690 million in cash.
"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," Mark Selway, chief executive, said in a statement Thursday.
By Samuel Agini; [email protected]; @samuelagini
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
IMI