Severe Service acquisition of Brazilian isolation valve company
IMI plc ("IMI"), the international engineering group, has acquired Grupo InterAtiva ("InterAtiva"), a Brazilian isolation valve business from its founding partners for an initial cash consideration of £22m and deferred consideration up to a maximum of £21m payable based on delivery of stretching financial targets over the next three years. The consideration is being funded out of IMI's existing resources and banking facilities.
Founded in 1992 by Wilson Gabriel and Mauro Bilbao, InterAtiva was privately owned and designs, assembles and distributes isolation valves to various end markets including oil and gas, sugar and ethanol production and water treatment. It operates a 9000sq metre facility located in Sorocaba, near Sao Paolo and employs 70 people who are all transferring with the business. For 2011, InterAtiva's unaudited sales were £12m and underlying EBITDA was £3m, and all of the 2011 sales were in the fast growing South American markets.
InterAtiva will join IMI's Severe Service division, which is a leading global provider of custom engineered valve, actuation, and control solutions for critical in-plant processes, focusing on the Power Generation, Oil and Gas, Petrochemical and Iron and Steel markets. InterAtiva has existing strong customer relationships and approvals in Brazil with both the major engineering, procurement and construction firms and also with the major oil and gas companies. With an experienced management team, and capacity for final assembly, it will be a strong platform for IMI's existing severe service isolation valve brands, including Orton and TruFlo Rona, to enter this market.
Will Shaw Tel: 0121 717 3712
Rollo Head / Charlie Chichester Tel: 020 7251 3801
Notes to editors:
IMI is a global engineering group focused on the precise control and movement of fluids in critical applications. It works with leading international companies in over 50 countries to deliver innovative engineering solutions, built around valves and actuators, to address global trends such as clean energy, energy efficiency, healthcare and increasing automation. Its shares are listed on the London Stock Exchange and it is a member of the FTSE100. Further information is available at www.imiplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
Datafeed and UK data supplied by NETbuilder and Interactive Data.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk!
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.