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IMI plc announced it acquired CorSolutions LLC on 31 October 2022. The initial cash consideration for the acquisition was US$10 million, with additional consideration payable dependent on achieving certain future milestones.
| Date | 31 Oct 2022 |
| Time | 07:00:05 |
| Category | Acquisitions and alliances |
| ID | 5490E |
31 October 2022
IMI plc ("IMI" or the "Group") today announces that it has acquired CorSolutions LLC ("CorSolutions"), a leading innovator in micro-fluid flow control, based in Ithaca, New York. CorSolutions will become part of IMI's Precision Fluid OEM business unit within IMI Precision Engineering.
The acquisition of CorSolutions is fully aligned to IMI's strategy and purpose of [Breakthrough Engineering for a better world]. CorSolutions brings unique microfluidic capabilities to IMI's leading product portfolio within the attractive analytical instrument market. This is an important segment of the Life Sciences sector, and CorSolutions further complements the offering from Adaptas Solutions, which IMI acquired in late 2021. By joining IMI, CorSolutions gains access to key scaling capabilities to meet growing customer demand.
The initial cash consideration of US$10m on a cash free and debt free basis will be funded from IMI's existing facilities, with additional consideration payable dependent on achieving certain future milestones. The transaction fully aligns with the Group's M&A criteria.
Commenting on the acquisition, Roy Twite, Chief Executive of IMI, said:
"I am delighted to welcome CorSolutions to the IMI team. We create tremendous value by solving acute customer problems in attractive markets, supported by selective acquisitions that enhance our capabilities and growth potential. 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."
|
Luke Grant |
IMI |
Tel: +44 (0)7866 148 374 |
|
Matt Denham |
Headland PR |
Tel: +44 (0)7551 825 496 |
Notes
IMI plc
IMI plc, the specialist engineering company, designs, manufactures and services highly engineered products that control the precise movement of fluids. Its innovative technologies, built around valves and actuators, enable vital processes to operate safely, sustainably, cleanly, efficiently and cost effectively. IMI employs around 10,000 people, has manufacturing facilities in 19 countries and operates a global service network. The Company is listed on the London Stock Exchange and is a constituent of the FTSE4Good Index. Further information is available at www.imiplc.com.
IMI plc is registered in England No. 714275. Its legal entity identifier ('LEI') number is 2138002W9Q21PF751R30.