StockMarketWire.com - International engineering group IMI has acquired Grupo InterAtiva, a Brazilian isolation valve business from its founding partners.
IMI is paying an initial cash consideration of £22m and with a deferred consideration up to a maximum of £21m payable based on delivery of stretching financial targets over the next three years.
The consideration is being funded out of IMI's existing resources and banking facilities. InterAtiva - which was founded in 1992 by Wilson Gabriel and Mauro Bilbao - designs, assembles and distributes isolation valves to various end markets including oil and gas, sugar and ethanol production and water treatment.
It operates a 9000sq metre facility located in Sorocaba, near Sao Paolo and employs 70 people who are all transferring with the business.
InterAtiva will join IMI's Severe Service division.
At 8:18am: (LON:IMI) IMI share price was +11.75p at 938.25p
Story provided by StockMarketWire.com
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