Midland manufacturing giant IMI has agreed a £120.6 million deal to buy German engineering firm Zimmermann & Jansen which will boost its sales to emerging economies.
Zimmermann & Jansen (Z&J) specialises in severe service valves and related flow control products and the takeover will strengthen IMI’s severe service division.
Founded in Germany in 1877, Z&J is a highly respected manufacturer of critical process valve solutions, primarily for the refining and petrochemical and steel markets.
Z&J has a global presence and approximately 40 per cent of Z&J’s sales are in emerging markets, including Russia, India and China. Z&J also has a strong aftermarket business with around two thirds of sales coming from refurbishment, replacement, parts and service.
IMI chief executive Martin Lamb said: “We are delighted to have acquired such a highly respected company as Zimmermann & Jansen.
“It has a strong reputation for its engineering expertise, has market-leading brands and technologies, a good aftermarket business, new products under development and strong customer relationships.
“Zimmermann & Jansen’s activities in the refining and petrochemical and iron and steel markets open up a number of new niche opportunities for the combined business, as does their emerging market exposure, which together should help drive future growth.”
IMI PLC is headquartered on Birmingham Business Park and employs about 13,000 people globally.