Metal basher IMI PLC (LON:IMI) is to acquire industrial valves and flow control products producer PBM Inc for an enterprise value of US$85mln (£70.3mln).
PBM, which in 2018 generated underlying earnings (adjusted EBITDA) of US$6.8mln (£5.6mln) on revenues of US$35.6mln (£29.4mln), will be subsumed into IMI's Critical Engineering division.
IMI said the acquisition extends IMI Critical Engineering's market presence into new, growing segments - including pharmaceutical/biotechnology.
The group added that the acquisition will boost IMI's margins and earnings.
“The business has fantastic products, a market-leading position and an excellent reputation - particularly in markets that are new to IMI,” said Jackie Hu, the divisional managing director of IMI Critical Engineering.