IMI splashes out GBP200mln on life sciences sector addition

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Engineering company IMI PLC (LSE:IMI) has proposed the acquisition of Adaptas Solutions for US$271mln (GBP202mln) to be bolted onto its precision engineering unit.


Adaptas, which creates critical mass spectrometry subsystems and components, is expected to be snapped up before the end of this year.


The proposed acquisition is designed to broaden its precision engineering life science offering to help meet its profit and sustainability goals, the company said, while also strengthening relations with global analytical instrument manufacturers.


The acquisition is intended to be earnings accretive while delivering a financial return in excess of IMI’s capital cost by the third year, it said.


“The business has fantastic products, and a market-leading position underpinned by deep relationships with global analytical instrument manufacturers,” said Beth Ferreira, divisional managing director of IMI Precision Engineering.


In 2021, Adaptas is expected to make US$83mln of revenue, with US$17mln adjusted core earnings.

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