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IMI PLC To Sell Beverage Dispense And Merchandising Divisions


Wednesday, 16 Oct 2013 02:00am EDT 

IMI PLC announced that it has reached an agreement to sell Beverage Dispense and Merchandising divisions (together the Retail Dispense business) to The Marmon Group (Marmon), a Berkshire Hathaway company, for a cash consideration of $1.1 billion (GBP690 million) (the Disposal), for the amount of working capital, cash and debt in the Retail Dispense business at completion. It is expected that the Disposal will complete in early 2014. The Board of IMI proposes that, IMI will return cash of GBP620 million to shareholders (the Return of Cash) and contribute GBP70 million to the IMI UK Pension Fund. 

Company Quote

1251.0
4.0 +0.32%
19 Dec 2014