A deal worth £148m ($198m) for Birmingham-based engineering company IMI to acquire an American counterpart has completed.
In December it was announced that Bimba Manufacturing, which was founded in 1957 and is headquartered in Chicago, will become part of IMI Precision Engineering’s US Industrial Automotion business. Completion was conditional on merger clearance and the approval by Bimba’s employee stock ownership plan.
IMI said at the time that the capital return is expected to exceed the cost of the acquisition within three years. Bimba, which has about 500 employees, also has seven operations in the US, one in Mexico and a sales office in the Netherlands. Patrick Ormsby, the long-term president and chief executive of Bimba, and all of the executive and management will remain with Bimba after completion.
IMI chief executive Mark Selway said: “I would like to welcome Bimba and all its employees. By combining our businesses, we have created a significant opportunity to enhance IMI Precision Engineering’s current position in the US Industrial Automation market and grow the Bimba brand internationally.”
For the year ending December 2016, Bimba generated revenues of $109m and adjusted EBITDA of $13.3m.