IMI Plc has signed a deal to sell its Truflo Marine business to US-based Fairbanks Morse Defense for an enterprise value of £225m.
The sale of Truflo Marine, which provides valves and actuators to naval submarine programmes worldwide, "reflects our role as active managers of the business and further aligns IMI to three powerful growth trends - energy, automation and healthcare" the company said on Monday.
Reporting by Frank Prenesti for Sharecast.com
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