IMI PLC on Monday said it has bought CorSolutions LLC, a New York-based micro-fluid control company, for an initial cash consideration of $10.0 million.
IMI is a Birmingham, England-based engineering company, which designs, manufactures and services products that control the precise movement of fluids.
CorSolutions will become part of IMI’s Precision Fluid OEM business unit, within IMI Precision Engineering. OEM refers to original equipment manufacturer.
The acquisition was made on a cash-free and debt-free basis and will be funded from IMI’s existing facilities, with additional consideration payable dependent on the achievement of specific, unnamed milestones.
IMI said it expected the acquisition to enhance both its own product portfolio, and afford CorSolutions access to key scaling capabilities to meet growing customer demand.
‘We create tremendous value by solving acute customer problems in attractive markets, supported by selective acquisitions that enhance our capabilities and growth potential,’ said IMI Chief Executive Roy Twite.
‘CorSolutions is an incredibly innovative business that expands our opportunities in the growing life sciences sector. We are excited by both the plans for growth and the opportunity to enhance shareholder value by realising synergies with our Adaptas business.’
IMI shares were trading 0.9% lower at 1,238.00 pence each in London on Monday morning.
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