- IMI said it had struck a deal to acquire speciality valve manufacturer PBM for $85m.

PBM, a manufacturer of high-quality industrial valves and flow control products and based in Irwin, Pennsylvania, USA, would be integrated into IMI's Critical Engineering division, the company said.

In the year to December 2018, PBM generated revenues of $35.6m (£29.4m), adjusted earnings (EBITDA) of $6.8m (£5.6m) and adjusted EBIT of $6.3m (£5.2m).

'The acquisition will deliver a financial return in excess of IMI's cost of capital by the end of year three, before revenue synergies, thereby maintaining the Group's record of strict financial discipline,' IMI said.

Closing was expected to take place within the next two months, subject to normal merger filings.

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