International engineer group IMI has spent £22m in cash on buying Brazilian isolation valve business Grupo InterAtiva.
InterAtiva operates a 9,000 square metre facility near Sao Paolo in which it design, assembles and distributes isolation valves to several end markets including oil and gas, sugar and ethanol production and water treatment.
The group, along with its 70 employees, will join IMI's Severe Service division.
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The consideration, which is being funded by IMI's existing resources and banking facilities, is in addition to a deferred consideration of up to £21m subject to financial targets over the next three years.
"InterAtiva has existing strong customer relationships and approvals in Brazil with both the major engineering, procurement and construction firms and also with the major oil and gas companies," IMI said.
"With an experienced management team, and capacity for final assembly, it will be a strong platform for IMI's existing severe service isolation valve brands, including Orton and TruFlo Rona, to enter this market."
BC
