Engineering giant IMI has completed the takeover of a German valve business in a £15.2 million deal.
Birmingham-based IMI has acquired TH Jansen Armaturen, which specialises in severe service valves, in a deal which includes approximately £4.5 million of assumed debt.
In a statement to the London Stock Exchange, IMI said the consideration was paid in cash on closing.
IMI said the business, which was founded in Germany in 1903, and supplies valves to the iron and steel, petrochemical, water and power industries, fitted well with it’s existing severe service businesses.
“THJ’s products are typically custom engineered for specific, critical, severe service applications with significant ongoing aftermarket requirements,” the firm said.
THJ has 120 employees and a 10,000 square metre manufacturing facility near Saarbrücken in Germany. In the calendar year 2010 it made EBITDA of £2 million on revenues of £14 million.
IMI added: “THJ is highly complementary to and will be integrated with Zimmermann & Jansen (“Z&J”), 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 and steel and petrochemical sectors.”