IMI Snaps Up US-Based Valve Producer PBM For USD85 Million

(Alliance News) - Engineer IMI PLC on Tuesday announced the USD85 million acquisition of Pennsylvania-based valve and flow control product maker PBM Inc.

PBM will join IMI's Critical Engineering division, and IMI said the deal is an "important opportunity" to broaden into an "attractive, adjacent market".

IMI Chief Executive Roy Twite said: "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 know PBM has values and ambitions very similar to our own and I am excited to welcome the company to IMI."

PBM registered USD6.8 million of adjusted earnings before interest, tax, depreciation, and amortisation in 2018, on revenue of USD35.6 million. By comparison, FTSE 250 IMI delivered revenue of GBP1.91 billion.

IMI