IMI to acquire specialty valve manufacturer PBM for $85mn

LONDON: IMI plc has announced the proposed acquisition of PBM Inc., for an enterprise value of $85 million. PBM will become part of IMI’s Critical Engineering division.

The proposed acquisition of PBM is fully aligned with IMI’s strategy and represents an important opportunity to broaden IMI Critical Engineering’s offering into attractive, adjacent markets. Closing is expected to take place within the next two months, subject to normal merger filings.

PBM is a manufacturer of high-quality industrial valves and flow control products. The company is based in Irwin, Pennsylvania, USA and end-markets include Pharmaceutical / Biotechnology, Consumer Products and Chemical.

In its largest segment Pharma / Bio, PBM enjoys a leading market position in the US. The company is owned by the senior management team who will remain with the business post-acquisition, apart from the retiring Chairman.

Commenting on the acquisition, Roy Twite, Chief Executive of IMI, said: “Our strategy at IMI is all about delivering tremendous value by solving industry problems – and putting customers at the heart of our decisions and processes. We are delighted to know that PBM has values and ambitions very similar to our own and I am excited to welcome the company to IMI.”

Jackie Hu, Divisional Managing Director of IMI Critical Engineering, commented: “I am also thrilled to welcome PBM. The business has fantastic products, a market-leading position and an excellent reputation – particularly in markets that are new to IMI. We are very much looking forward to working with the team and further strengthen and extend our newly combined business.”

Stuart J. Zarembo, Chairman of the Board and CEO of PBM, added: “We have built an excellent business at PBM with a great team who are excited about the prospects to develop further as part of a like-minded organisation such as IMI.”


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