IMI buys severe service valves company

18th Oct 2011 07:55

Engineering group IMI has acquired a German business specialising in severe service valves and related flow control products, for €12.3m.The acquired company, TH Jansen Armaturen (THJ), has around €5.2m of debt, which IMI will be taking on. 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. The company's products are typically custom engineered for specific, critical, severe service applications with significant ongoing after-market requirements.THJ has 120 employees and a 10,000 square metre manufacturing facility near Saarbrücken in Germany. In the calendar year 2010 THJ made earnings before interest, tax, depreciation and amortisation of €2.3m on revenues of €16.0m. THJ will be integrated with IMI's Zimmermann & Jansen (Z&J) business, 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," the statement from IMI said. --jh