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(Alliance News) - Engineering firm IMI PLC on Monday said it will acquire Adaptas Solutions for an enterprise value of USD271 million.
Palmer, Massachusetts-based Adaptas Solutions manufactures mission critical mass spectrometry systems and components, including ion optic grids, electron multipliers and filaments.
The acquisition is expected to be completed before the end of 2021, and is subject to merger filings.
Birmingham-based IMI said Adaptas will become part of its Precision Engineering segment. It will provide a complementary product portfolio and strong relationships with analytical instrument manufacturers for the division.
For 2021, Adaptas is expected to generate adjusted earnings before interest, tax, depreciation and amortisation of USD17 million on revenue of USD83 million. The acquisition has been forecast to be immediately earnings accretive.
"Our strategy at IMI is all about delivering tremendous value by solving industry problems - and putting customers at the heart of our decisions and processes. We are delighted to partner with Adaptas whose business model and values are very similar to our own," said Chief Executive Roy Twite.
Shares in IMI were down 0.1% at 1,789.52 on Monday morning in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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