IMI strengthens valves business with £15m German acquisition
BIRMINGHAM-based engineering group IMI has expanded its valves operation with the acquisition of a German firm in a deal worth more than £15m.
The firm has taken over TH Jansen Armaturen, a specialist in severe service valves and related flow control products. The value of the deal is £15.36m (€17.5m), including approximately £4.56m (€5.2m) of assumed debt. The consideration was paid in cash on closing.
Founded in Germany in 1903, THJ designs, manufactures and sells isolation valves for the Iron & Steel, Petrochemical, Water and Power industries. Like IMI’s existing Severe Service businesses, THJ’s products are typically custom engineered for specific, critical, severe service applications with significant ongoing aftermarket requirements.
THJ has 120 employees and a 10,000 sq m manufacturing facility near Saarbrücken. In the calendar year 2010 THJ made EBITDA of £2.02m (€2.3m) on revenues of £14m (€16m).
“THJ is highly complementary to and will be integrated with Zimmermann & Jansen, which was acquired at the end of 2010. THJ will significantly enhance Z&J’s capabilities as a leading global provider of custom engineered valve, actuation, and control solutions for critical in-plant processes in the Iron & Steel and Petrochemical sectors,” said IMI in a statement.
