Engineering giant IMI has completed the takeover of an Italian valve-maker in a deal worth almost £83 million.
Birmingham-based IMI has acquired international business Remosa SpA, as well as some related companies.
Remosa SpA specialises in valves and related flow control products for the petrochemical sector and is based in Sardinia.
IMI said the senior management of Remosa, which turned over £39.8 million in 2011, and all of its 360 employees will be transferring with the business.
It said Remosa will join IMI’s Severe Service division, which is a leading global provider of custom engineered valve, actuation, and control solutions for critical in-plant processes, focusing on the power generation markets.
Martin Lamb, IMI’s chief executive, said the acquisition of Remosa is highly complementary with Zimmermann & Jansen, which IMI acquired at the end of 2010, and will strengthen the group’s presence in the downstream petrochemical market.
He said: “We are delighted to have acquired Remosa and welcome the Mambrini family and all of the company’s employees into the IMI group. Remosa has a strong reputation for its engineering expertise, has market-leading brands and technologies, strong customer relationships, a growing aftermarket opportunity and importantly a good exposure to key emerging markets.
“The acquisition significantly strengthens our position in the downstream petrochemical market following the recent acquisition of Zimmermann & Jansen.
“There are significant opportunities to develop this combined business globally and help to drive future growth within our Severe Service division.”
Remosa already has a strong presence in emerging markets, including South America and Asia, with over 50 per cent of sales coming from those markets.
Remosa was acquired from the founding Mambrini family for a cash consideration of £68.2 million and the debt assumed as part of the transaction of approximately £14.6 million. The consideration was funded out of IMI’s existing resources and banking facilities.