Diversified engineering group IMI plans to use its newly acquired US operation, ISI Automation, to further its automotive ambitions.
ISI, acquired in December, sells the bulk of its pneumatic components into the US automotive sector.
IMI fluid power’s automotive team will now be headquartered at ISI in the US.
`You have to serve an apprenticeship in the motor industry before winning major contracts,’ said Nick Paul, IMI executive director.
The fluid power division this week reported flat operating profits of £30.4m in 1996 as part of IMI’s profits of £161.1m, up 85% on 1995.
Gary Allen, chief executive, said there was at least £200m to spend on acquisitions in its core markets: building products, fluid power, drinks dispensing and controls and valves. Last year it spent £239m.