IMI has snapped up a German valve specialist called Zimmermann & Jansen (Z&J) for €135m (£120m). It's a complementary fit for the engineering group's Severe Service division, which also makes high-specification valves, mainly for power stations. Like IMI, Z&J is a global player with excellent exposure to emerging markets and a high share of lucrative after-market sales. But Z&J focuses on two areas in which IMI previously had little presence in oil refining and iron and steel.
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826p
Z&J made sales of €125m and underlying operating profits of €15m last year. IMI hopes to improve that by selling the company's world-leading technology through its extensive sales network.
When: 29/7/10
Price: 766p
Tip performance to date: +8%
