IMI, the UK-based engineering group, is to buy Fluid Automation Systems (FAS), a Swiss company specialising in miniature solenoid valve solutions for medical, printing, semiconductor and beverage machinery markets, for £20 million.
For the year to December 2003, FAS operating profit was £2m on sales of £23m. The value of the net operating assets to be acquired from FAS by IMI is approximately £6m.
Operating from two main sites near Geneva, FAS employs around 260 people, nearly a fifth of whom are specialist engineers.
The company has focussed its development efforts on the fast-growing miniature solenoid valve market, with the majority of its existing sales serving 10mm and 15mm size applications.
This represents a good fit with Norgren’s existing solenoid valve capabilities, complementing the larger sizes offered by its established Webber, Buschjost and KIP ranges (22mm to 30mm and larger).
This deal is subject to the usual regulatory approvals. It is expected to be completed within the next two months.