IMI, a British-based engineering company headquartered in Birmingham, acquired speciality valve manufacturer PBM for $85m. Closing is expected to take place within the next two months, subject to normal merger filings. Commenting on the acquisition, Roy Twite, Chief Executive of IMI, said: "Our strategy at IMI is all about delivering tremendous value by solving industry problems - and putting customers at the heart of our decisions and processes. We are delighted to know that PBM has values and ambitions very similar to our own and I am excited to welcome the company to IMI."