IMI completes sale of two divisions

2nd Jan 2014 07:01

British based engineering company IMI has started the new year on a positive note with the completion of the sale of its Beverage Dispense and Merchandising divisions.The divisions were sold for a combined value of $1.1bn, of which around £620m the company is planning to return to shareholders. If approved at the next general meeting, the cash will be returned by way of a B and C share scheme which will offer shareholders the opportunity to choose whether to receive the cash as an income and/or capital payment. Chief Executive Mark Selway said: "IMI is now a specialist flow control group entirely focused on industrial end markets. This strong foundation creates greater opportunities for technical and operational synergies and provides an excellent platform for future growth." NR