Engineering giant disposes of French manufacturer for €19m
IMI, the Solihull-based engineering powerhouse, has disposed of a French subsidiary in its Life Science & Fluid Control sector for €19m.
Industrie Mécanique pour les Fluides designs and manufactures motion and fluid control products, offering regulators, valves, pressure monitoring and powertrain solutions to customers worldwide.
It contributed around 1% of sales and operating profit in 2023 to IMI and comes as the Life Science and Fluid Control division’s revenue was down 22%. Last year, the sector accounted for 12% of 2023 sales.
The group says this dip is as expected given the tough first quarter comparator and continued softness experienced across the global life sciences device market.
Revenue is up 4% compared to the same period last year and a restructuring programme is still on track to deliver £15m of benefits for the full year and £7m in 2025, with no changes to expected delivery costs.
Roy Twite, Chief Executive, commented: “We were pleased to deliver another solid quarter of organic growth, up 4% in the first quarter, in mixed markets and against a strong comparator. Based on current market conditions, our guidance remains unchanged and we still expect that 2024 full year adjusted EPS will be between 120p and 126p”.
