23rd May 2007 07:02
IMI PLC23 May 2007 23 May 2007 IMI acquisition enhances sector focus in Fluid Power IMI plc, the major international engineering group, has agreed to acquire thebusiness of Kloehn Company Ltd (Kloehn), a leading US provider of specialistpumping and fluid handling systems for the medical sector. IMI has agreed to pay a cash consideration of US$60m at completion and anadditional cash consideration of up to $20m dependent on stretching performancetargets for the financial year ending 31 December 2007. Completion is subject toregulatory clearances and is expected to take place within the next two months. For the year ended 31 December 2006, Kloehn had unaudited sales of $26m andunderlying operating profit of $5.4m. Based in Las Vegas, USA, Kloehn is a leading manufacturer of precision syringesand pumps, syringe controls and ceramic valves for the medical equipmentindustry. Central to Kloehn's success is its excellent relationships with majorUS medical sector customers and its ability to provide integrated customisedsolutions. The medical sector is one of the long term growth areas targeted byIMI's Fluid Power business and Kloehn significantly adds to Norgren's strengthin this area. IMI Executive Director, David Nicholas, commented: "Kloehn has built an excellent reputation as a supplier of customised solutionsin the medical sector. The acquisition develops our skill set and complementsthe existing medical sector operations of our Norgren business, extending ourreach into medical diagnostics and analytical markets." - 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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