1st Nov 2005 10:33
IMI PLC01 November 2005 1 November 2005 IMI plc Acquisitions IMI plc, the major international engineering firm, today confirms that it hascompleted the acquisition of the severe service valves business of ABB KK inJapan, announced on 3 October 2005. IMI also announces that it has acquired, from private shareholders, Northern Parts and Service, a distributor of food and beverage equipment parts to the US food service industry. The consideration to be paid in cash for Northernis $15m. 2005 unaudited revenues were $26m. Northern, with a team of 60 people located in Plattsburgh, New York, extends thecurrent beverage parts business within IMI's Beverage Dispense unit. Beverageand food service parts provision are highly complementary, serving the samecustomer base. IMI Executive Director Wayne Whitney, commented: "The acquisition of Northern extends our ability to support our customers'installed base of food and beverage service equipment in restaurants and otheroutlets. "The strong customer relationships of Northern, together with the capabilitiesof our existing Beverage Dispense parts operation, position us to provideoutstanding parts management solutions to all the leading US food service chainsand service agents." - 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£1.4bn This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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