9th Aug 2007 07:01
IMI PLC09 August 2007 9 August 2007 IMI plc IMI acquisition expands Indoor Climate capabilities IMI plc, the major international engineering group, has agreed to acquirePneumatex AG (Pneumatex), an indoor climate business with an excellentreputation for the manufacture and supply of water conditioning equipment intobuilding systems for heating, cooling and drinking water. IMI has agreed to acquire 70% of Pneumatex from private shareholders for CHF 38m(£15.5m) payable in cash on completion and a performance related cash payment ofapproximately CHF 5m in 2009. Completion is subject to regulatory clearances andis expected to take place within the next two months. IMI expects to acquire theremaining 30% over the next three years. For the year ended 31 December 2006, Pneumatex had sales of CHF 63m andunderlying profit (EBIT) of CHF 7.5m. The value of the net operating assets tobe acquired is approximately CHF 24m. Pneumatex has 250 employees across Europeand is headquartered in Basle, Switzerland. Pneumatex products are fitted within the same building systems as TA balancingvalves and are specified by the same consultants in the same niche markets. Bothprovide sophisticated hydronic systems which optimize heating, cooling and watermanagement systems within buildings. Pneumatex products, which include bothactive and passive pressurization equipment and dirt and air separators, arefrequently used to improve balancing valve performance. IMI Executive Director, David Nicholas, commented: "With complementary products and the same knowledge-based, systems approachtowards commercial buildings, the synergies between TA and Pneumatex will yieldgreater energy efficiency and control for building designers and operators, andimproved personal comfort for occupants. This excellent addition to our Indoor Climate business extends our capabilitiesto both existing customers and potential new customers around the world" - Ends - For further information contact: IMI plcGraham Truscott, Communications Director Tel: 0121 717 3712 Weber Shandwick FinancialNick Oborne / Stephanie Badjonat / Charlie Hooper Tel: 020 7067 0700 Note to editors: IMI is a dynamic, worldwide company delivering innovative engineering solutionsto leading global customers in clearly defined niche markets. Its fivebusinesses share a common goal - to convert their industry knowledge and marketinsight into customised, design-engineered solutions which create customeradvantage and value. These include severe service valves, motion and fluidcontrol systems, indoor climate controls, beverage dispense systems, andmerchandising display systems for retail operations. Close customer relationships, strong positions in growing markets and cleardifferentiation through technological innovation or service are the definingcharacteristics of all IMI businesses. IMI is quoted on the London Stock Exchange. Information about IMI plc can befound on the website: www.imiplc.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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