IMI bags £65m in copper sell-off

12 April 2012

ENGINEER IMI is selling its copper fittings business in a £65m deal to Dutch firm Aalberts Industries. The sale is part of IMI's strategy to dispose of its building products interests and focus on fluid controls and dispensing.

The unit, which includes the brand Yorkshire Fittings, employs 800 people across Europe, 580 of them in Leeds and Dundee. Last year it reported operating profits of £9.5m on sales of £90m. IMI's total pre-tax profits were £86m for the year ended December 2001, on sales of £1.64bn.

The current management will remain with the unit and Aalberts, a specialist in industrial services and flow control systems, said it did not plan job cuts.

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