Statement re IMI Refiners

IMI PLC
6 September 1999


                  IMI Refiners proposes major restructuring                   

IMI Refiners, based at Darlaston Road, Walsall, has today announced proposals
for a major restructuring of the business subject to consultation with
employees and their representatives.

The smelting operation has been making losses for some years and recently the
fall in world copper prices has restricted scrap availability and led to
further margin deterioration.  There is no prospect of this business, in its
present form, achieving a satisfactory level of profitability.  To enable the
company to survive, a plan has been developed which proposes continuation of
the billet casting operation and the closure of the remaining production
operations.  This restructuring will result in some 210 redundancies out of a
workforce of 260 employees. 

Barry Pointon, IMI Executive Director responsible for IMI Refiners, said:

'This proposal has been arrived at after very careful and serious
consideration of all the issues.  It is a particular regret that despite the
efforts of everyone at IMI Refiners at all levels, we are faced with this
difficult situation.'

Enquiries:

IMI plc
Barry Pointon, Executive Director                   Tel: [phone]