21st Nov 2005 09:06
IMI PLC21 November 2005 21 November 2005 IMI plc announces a further acquisition in Fluid Power IMI plc, the major international engineering business, today announces that ithas purchased GT Development Corporation, from private shareholders, for anenterprise value of $27 m. Revenues for the year ended June 2005 were $39 m andthe value of the assets acquired is approximately $8 m. Based in Washington State, USA, GT Development is a leading designer andsupplier of pneumatic and electronic controls and switches for the US medium andheavy-duty truck industry. Using advanced pneumatic and electro-mechanicaltechnologies it differentiates itself by being highly innovative and responsiveto key customers with whom it has developed strong relationships. The commercial vehicles sector is one of the long term growth sectors targetedby IMI's Fluid Power business and GT Development significantly adds to Norgren'sstrength in the global truck market. IMI Executive Director, David Nicholas, commented: "GT Development has an excellent reputation for responsiveness and innovation ina demanding industry. It is highly complementary to our existing Norgren globaltruck business and enhances our aim of engineering advantage for our customersin the commercial vehicles sector." - Ends - IMI plcGraham Truscott, Communications Director Tel: 0121 717 3712 Weber Shandwick Square MileNick Oborne / Susanne Walker Tel: 020 7067 0700 Information about IMI plc can be found on the website: www.imiplc.com Note to editors: IMI plc is an international engineering business specialising in innovativesolutions and services for a wide range of industrial and retail customers. Itsfuture growth is being built on the two business areas of Fluid Controls (SevereService, Fluid Power, Indoor Climate) and Retail Dispense (Beverage Dispense,Merchandising Systems). IMI's operations in these two business areas share the following corecharacteristics: strong market positions in growing markets; the ability to beclearly differentiated from their competitors through technological innovationor after-sales service; and the provision of 'added value' through bespokesolutions rather than a high manufacturing or material content. IMI is quoted on the London Stock Exchange and is capitalised at approximately£1.5bn This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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