Engineering company IMI has agreed to sell its Truflo Marine business to US group Fairbanks Morse Defense in a deal worth £225m.

The enterprise value includes an adjustment for £5m of lease liabilities, which has been treated as debt under IFRS.

IMI, which is headquartered in Birmingham and listed, designs and manufactures motion and fluid control technologies.

The FTSE 100 company said its sale of Truflo Marine, which provides valves and actuators to naval submarine programmes, reflects its role as the active manager of the business.

IMI CEO, Roy Twite, said: “We are pleased to announce the sale of Truflo Marine to Fairbanks Morse Defense. This further aligns IMI to the three powerful megatrends we are focused on – energy, automation and healthcare. These megatrends will underpin the delivery of sustainable growth in the years to come.

“I would like to thank the Truflo Marine team for their significant contribution to the Group and wish them the best in the next stage of their journey. I am confident that they have a great home in Fairbanks Morse Defense, an organisation that values their expertise and is committed to investing in the skills that drive the success of the business.”

IMI confirmed that the transaction remains subject regulatory approval and is expected to complete in mid-2026.

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