IMI acquires US-based flow control business

Engineering company IMI said on Monday that it had agreed to acquire New York-based micro-fluid flow control business CorSolutions in order to provide it with "unique microfluidic capabilities" within the "attractive" analytical instrument market.

IMI said it will make an initial cash consideration of $10.0m for CorSolutions, which will become part of its Precision Fluid OEM business unit.

The FTSE 250-listed group noted that its initial cash consideration will be funded from existing facilities, with additional consideration payable dependent on achieving certain future milestones.

Chief executive Roy Twite said: "CorSolutions is an incredibly innovative business that expands our opportunities in the growing life sciences sector. We are excited by both the plans for growth and the opportunity to enhance shareholder value by realising synergies with our Adaptas business."

Reporting by Iain Gilbert at Sharecast.com