BIRMINGHAM-based international engineering group IMI has acquired a German firm which specialises in severe service valves and related flow control products for an enterprise value of £120m (€135m).
Zimmermann and Jansen will join IMI’s severe service division, which is a provider of custom-engineered valve, actuation and control solutions for in-plant processes, focusing on the oil and gas markets and power generation.
IMI said the acquisition of Z&J was highly complementary in market terms as it extended its interests in oil, gas, iron and steel.
The company added that the deal fitted well in technology terms with Z&J’s isolation valve technology which was a natural fit alongside the Truflo technology acquired in 2006.
Founded in 1877, Z&J is a manufacturer of critical process valve solutions for severe applications, primarily focused in the refining and petrochemical and iron and steel markets.
Approximately 40% of Z&J’s sales are in emerging markets, including Russia, India and China and it also has an aftermarket business with around two thirds of sales coming from refurbishment, replacement, parts and service.
It has manufacturing facilities in Germany, America and South Africa and a sales and procurement office in China.
The senior management and approximately 430 employees will be transferring with the business.
In the calendar year 2009, Z&J had sales of £111m (€125m) and an underlying operating profit (EBIT) of £13m (€15m).
IMI’s chief executive Martin Lamb said: “We are delighted to have acquired such a highly respected company as Zimmermann & Jansen. It has a strong reputation for its engineering expertise.
“Zimmermann & Jansen’s activities in the refining and petrochemical and iron snd Steel markets open up a number of new niche opportunities for the combined business, as does their emerging market exposure, which together should help drive future growth.”
