9th Feb 2005 11:00
IMI PLC09 February 2005 9 February 2005 IMI announces acquisition in Fluid Power IMI plc, the major international engineering group, has acquired SyronEngineering and Manufacturing (Syron), a leading provider of press toolingsolutions for the US automotive industry. IMI has acquired Syron for a cash consideration of $33.4m (£18m). For the yearto 31 December 2004, Syron had unaudited sales of $24.3m (£13m). The value ofthe net operating assets to be acquired is approximately $9m (£5m). Syron designs and supplies tooling to optimise the efficiency of transferstamping presses for in-plant automotive applications. Central to Syron'ssuccess are its excellent relationships with major US automotive manufacturersand their tier 1 suppliers of pressed parts. Operating from two main sites in Michigan close to its key customers, Syronemploys around 150 people, including a talented and strong management team whowill 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 toolingsolutions for transfer presses and complements the existing in-plant automotiveoperations of our Norgren business, extending its reach into transfer presstooling. The acquisition represents a significant opportunity for Norgren todevelop the range of services that it provides to the automotive sector and tostrengthen its relationships with leading automotive customers". - Ends - IMI plcGraham Truscott, Communications Director Tel: 0121 717 3712 Weber Shandwick Square MileNick 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 ininnovative solutions and services for a wide range of industrial and retailcustomers. Its future growth is being built on the two business areas of FluidControls and Retail Dispense. 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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