Shares in focus: Should you buy this specialist engineer?

IMI is a great business, but it’s a bit pricey for now, says Phil Oakley.

Back in 2000, you could have been forgiven for thinking that IMI was just another bland medium-sized company. It made money by selling copper tubes and plastic pipes to builders, among other things. Its market value was just under £900m.

But over the next 13 years, under CEO Martin Lamb, the company set about reinventing itself as a specialist engineering business.

Today, it calls itself a specialist flow control business. It designs and makes products such as valves and actuators that control the movement [...]

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