IMI plc, a world-leading provider of flow control solutions, announces the proposed acquisition of PBM Inc., a leading US-based producer of high-quality valves. PBM will become part of IMI’s Critical Engineering division. The proposed acquisition of PBM is aligned with IMI’s strategy and represents an important opportunity to broaden IMI Critical Engineering’s offering into adjacent markets. Closing is expected to take place within the next two months.
Transaction highlights
-The acquisition extends IMI Critical Engineering’s market presence into new, growing segments – including Pharmaceutical / Biotechnology.
-PBM’s reputation for responding quickly to customer needs and developing solutions to industry problems are characteristics that fit well with IMI’s operating model.
-PBM enjoys strong distributor and representative relationships – particularly within its main US markets. There are clear opportunities to broaden the market access of both PBM and IMI.
-The sharing of best practices between the businesses will facilitate further operational improvement at PBM.
-The acquisition will deliver a financial return in excess of IMI’s cost of capital by the end of year three, before revenue synergies, thereby maintaining the Group’s record of strict financial discipline.
Image credit: PBM Inc.