11172019Sun
Last updateFri, 15 Nov 2019 6pm

IMI Announces the Proposed Acquisition of Specialty Valve Manufacturer PBM

IMI plc ("IMI" or the "Group") announces the proposed acquisition of PBM Inc., ("PBM") 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 overview
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 / Biotechnology, 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.

Transaction highlights

  • The acquisition extends IMI Critical Engineering's market presence into new, growing segments - including Pharmaceutical / Biotechnology - fully in-line with IMI's stated strategy.
  • PBM's reputation for responding quickly to customer needs and developing solutions to industry problems are characteristics that fit well with IMI's operating model.
  • PBM enjoys strong distributor and representative relationships - particularly within its main US markets. There are clear opportunities to broaden the market access of both PBM and IMI through their respective routes to market.
  • The sharing of best practice between the businesses will facilitate further operational improvement at PBM.
  • PBM will be both margin and earnings accretive to IMI.
  • The acquisition will deliver a financial return in excess of IMI's cost of capital by the end of year three, before revenue synergies, thereby maintaining the Group's record of strict financial discipline. 

ValvTechnologies Signs Agreement with Gestra

ValvTechnologies, Inc. has signed a representative agreement with Gestra UK Limited, a provider of flow control valves and systems for heat and process fluid control. The addition of Gestra UK significantly strengthens ValvTechnologies’ power generation business in the UK, expanding its international reach to England, Wales, Scotland, Northern Ireland, Isle of Man, Jersey and Guernsey. Gestra UK will represent several ValvTechnologies’ products and services.

Flowserve Supporting Shell’s Prelude FLNG Facility

Flowserve has entered into a five-year contract with Shell Australia to provide general maintenance services for Shell’s Prelude Floating Liquefied Natural Gas (FLNG) facility, which is producing natural gas from an offshore field in Western Australia.

The Shell-operated Prelude FLNG facility is an offshore development, producing natural gas from a remote field approximately 475 km north-northeast of the coastal town of Broome in Western Australia. The Prelude FLNG facility is scheduled to produce 3.6 million tons per annum (mtpa) of LNG, 1.3 mtpa of condensate and 0.4 mtpa of liquefied petroleum gas (LPG).

Curtiss-Wright Awarded $80M in U.S. Navy Contracts

Curtiss-Wright Corporation has been awarded contracts valued in excess of $80 million to provide propulsion valves for the U.S. Navy’s Virginia-class nuclear powered attack submarine and Columbia-class submarines programs. The awards were received from Bechtel Plant Machinery, Inc. to support ship construction and spare parts procurement and General Dynamics Electric Boat to support ship construction for Block V, which includes the new Virginia Payload Module.

Curtiss-Wright is performing this work at its facility in East Farmingdale, NY, a business unit of Curtiss-Wright’s Industrial division within the Commercial/Industrial segment. Engineering and manufacturing has commenced and will continue through 2024.

Flowserve Names Chowbey President, Aftermarket Services & Solutions

Sanjay ChowbeySanjay Chowbey has joined Flowserve as president, aftermarket services & solutions. He takes on the role previously held by Kirk Wilson, the new president of Flowserve’s flow control division, following the retirement of John Lenander.

Chowbey recently served as president of the Subcom business unit at TE Connectivity, a subsea communication infrastructure business. Prior to that, he served at Danaher for 11 years in several roles of increasing responsibility, including president of Thomson Industries, Inc., an industrial technology company, and general manager of services & solutions at Gilbarco Veeder-Root, Inc., a fueling and environmental solutions company.

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