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2,982.00 42.00 (1.43%)

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Market Cap: £7.09b

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IMI buys Adaptas Solutions for $271m

Mon, 15th Nov 2021 07:58

(Sharecast News) - Engineering group IMI said it was buying US firm Adaptas Solutions for $271m (£202m).
Adaptas makes critical mass spectrometry subsystems and components, such as electron multipliers, filaments, power supplies and ion optic grids, as well as liquid handling and lab automation components.

Based in Massachusetts, it also has facilities in Pennsylvania, West Sussex in the UK, New South Wales in Australia, and Qidong in China.

Adaptas Solutions will become part of IMI's precision fluid OEM business unit within IMI precision engineering.

For the year ending to December 31, Adaptas solutions was expected to generate revenues of about $83m, with adjusted core earnings of $17m, and adjusted earnings before interest and tax of about $14m.