6 October 2014
IMI plc announces the sale of non-core businesses for £42m
IMI plc ("IMI" or the "Group") announces that it has today sold Eley Ltd, Eley Americas Inc. (the "Eley businesses") and Accles & Shelvoke Ltd to LDC for an enterprise value of £42m.
Mark Selway, Chief Executive of IMI plc, said:
"The disposal of these non-core businesses further sharpens our focus on our core specialist flow control activities. Our strategic plan, to double the Group's2014 operating profits over the next five years, is now being executed and the proceeds from this sale will be utilised to exploit some of the good growth opportunities available to us."
Eley are world leaders in the manufacture of .22LRsporting ammunition which is used intarget shooting including by world class and Olympic athletes. Accles & Shelvoke Ltd is a world leader in the manufacture of captive bolt equipment. In the year ended 31 December 2013 these businesses, which reported within the Critical Engineering division, made revenues of £15m and operating profit of £4.4m.
PwC acted as financial adviser to IMI in relation to the transaction.
Enquiries to:
Will Shaw IMI Tel: +44 (0)121 717 3712
Suzanne Bartch / StockWell Communications Tel: +44 (0)20 7240 2486
Rob Morgan
Notes to editors
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, cleanly, efficiently and cost effectively. The Group works with industrial customers across a range of high growth sectors, including energy, transportation and infrastructure, all of which are benefiting from the impact of long-term global trends including climate change, urbanisation, resource scarcity and an ageing population. IMI employs over 12,000 people, has manufacturing facilities in more than 20 countries and operates a global service network. The Company is listed on the London Stock Exchange and is a member of the FTSE100. Further information is available at www.imiplc.com.
The Eley businesses and Accles & Shelvoke Ltd
The Eley businesses and Accles & Shelvoke Ltd have operations in the UK in Sutton Coldfield and together employ 122 employees. All employees will transfer to LDC.
LDC
LDC is part of Lloyds Banking Group and is authorised and regulated by the Financial Conduct Authority. It backs ambitious management teams from UK-based companies seeking between £2m and £100m of equity for management buy-outs, institutional buy-outs or development capital transactions.
