IMI pounces on £15m German company
Engineering company IMI has acquired Germany's TH Jansen Armaturen GmbH (THJ) for €17.5m (£15.2m).
The price paid for THJ, which specialises in severe service valves and related flow control products, included about €5.2m of assumed debt.
Birmingham-based IMI said the Saarbrücken, Germany-based company would be integrated with Zimmermann & Jansen which it acquired at the end of 2010.
Founded in 1903, THJ designs, manufactures and sells isolation valves for the iron and steel, petrochemical, water and power industries.
IMI said the acquisition was "highly complementary". It added: "Like IMI's existing severe service businesses, THJ's products are typically custom engineered for specific, critical, severe service applications with significant ongoing aftermarket requirements."
THJ has 120 employees. In the calendar year 2010 THJ made EBITDA of €2.3m on revenues of €16m.
