IMI Indoor Climate buys Pneumatex
IMI Indoor Climate has acquired a majority shareholding in Pneumatex AG, the specialist in pressure maintenance and water quality for heating, cooling and drinking water systems.
IMI has agreed to acquire 70% of Pneumatex from private shareholders for £15.5m. IMI expects to acquire the remaining 30% over the next three years.
The deal strengthens the position of the Indoor Climate business of IMI plc as a strong HVAC partner for mechanical contractors, specifiers and building services managers.
In the UK Pneumatex is best known through Engineering Appliances which became part of Pneumatex over two years.
A spokesman for IMI said 'IMI Indoor Climate acquired Pneumatex to bring value to customers and partners and enhance the offer of its HVAC companies - including the leading manufacturer of hydronic balancing valves, TA'.
Tour & Andersson (TA), has more than 500 employees worldwide and is the global market leader in hydronic balancing for waterborne heating and cooling systems.
'Pneumatex's products and services complement the unrivalled technical service that TA's customers have come to expect'.
Swiss firm, Pneumatex AG, founded in 1909, specialises in pressurisation equipment as well as air and dirt separators for waterborne heating and cooling systems, using technology that reduces corrosion thus giving better system performance and improving energy efficiency. It employs more than 250 people in Europe.
'This acquisition is a milestone in the way IMI Indoor Climate delivers energy efficiency and peace of mind to its customers,' said Sean Toomes, President of IMI Indoor Climate, 'Combining the thought-leadership and technical know-how of both Pneumatex and TA, enables our HVAC customers to benefit from a fully integrated and technically dynamic service.'
Engineering Appliances, established in 1952, manufactures and supplies expansion joints and flexible connections. EA became a distributor for Pneumatex products in 2004 and became a subsiduary company in September 2005. Pneumatex have sold pressurisation systems in the UK for more than 30 years but only since the acquisition of EA has the market become aware of the brand.
IMI added 'The company is growing quickly and by joining the Indoor Climate business of IMI plc, Pneumatex and Engineering Appliances will be in a position to respond the needs of customers even more effectively'.