10 April 2012
FTSE 100 engineering giant IMI is paying up to £43 million for a Brazilian valves maker to give it even more firepower in the fast-growing South American market.
IMI is paying an initial £22 million cash for Groupo InterAtiva with a further £21 million payable depending on its hitting "stretching" targets over the next three years.
InterAtiva supplies isolation valves to the oil and gas, sugar and ethanol industries from its 9000 square metre factory near Sao Paolo. In 2011 InterAtiva's sales were £12 million and underlying earnings were £3 million. All its sales were in the fast-growing South American markets.
