IMI acquisition news pushes share price upwards

FTSE 250 engineering firm IMI (LON:IMI) has seen its share price rise by 2.06% to 953.40p (as of 11:55 BST) after it announced the proposed acquisition of US-based PBM. Management said that the deal would be valued at $70.3 million and would offer opportunities to expand IMI’s Critical Engineering division in to adjacent markets.

CEO Ron Twite 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“.