StockMarketWire.com - Engineering group IMI has taken over Remosa, a leading engineering business specialising in valves and related flow control products for severe applications, for an enterprise value of approximately €100m.
Remosa - which was founded in 1955 by Giulio Mambrini - is a privately owned severe service valve business based in Sardinia.
Remosa makes specialist valves used in critical applications in the downstream petrochemical sector including fluid catalytic cracking slide valves, two port diverter valves, expander butterfly valves, inlet/outlet isolation valves and ancillary equipment with its own range of linear and rotary valve actuators and hydraulic pressure control units.
Remosa also has an established valve servicing business.
Remosa will join IMI's severe service division.
At 1:02pm: (LON:IMI) IMI share price was -33p at 903p
Story provided by StockMarketWire.com
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