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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
73% of savers plan to rely on partner’s pension in retirementA new survey suggests the majority of people may lack financial independence in retirement, with almost three-quarters set to rely on their partner’s pension
-
How much you need to follow the 25x retirement rule – will you have enough to be financially independent?We explain what the 25x retirement rule is and the amount you would need to be financially independent in retirement.
