IMI acquisitions feed emerging market growth

ENGINEERING giant IMI says it has had a positive start to 2012 with revenues up 8% in the three months to the end of March.

In an interim statement covering the period from the start of the year to April 19, the Birmingham firm said it had seen good growth in both its severe service and merchandising businesses with the rest of the group trading at similar levels to last year.
 
Severe service saw shipments for the first three months of the year up around 30% on a reported basis. This strong start partly reflects a catch up in new valve shipments as output from its Brno facility increases.

In February IMI acquired Remosa SpA and Grupo InterAtiva which have “significantly strengthened our isolation valve capabilities and our emerging market exposure, notably in South America”. 
 
Merchandising saw organic revenue growth of 14% in the first quarter. IMI says it is seeing good activity levels in the US, particularly in the automotive sector.
 
IMI says it retains a strong balance sheet and continues to work on a number of other acquisition opportunities. 
 
“Based on current market conditions, we remain optimistic that the group will make further progress in 2012,” IMI’s statement said.

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