Jump to content

IMI plc

From Wikipedia, the free encyclopedia

IMI plc
Formerly
  • Imperial Metal Industries Limited (1962–1978)
  • IMI Limited (1978–1981)
Company typePublic
ISINGB00BGLP8L22 Edit this on Wikidata
IndustryEngineering
Founded1862
HeadquartersBirmingham, England, UK
Key people
Lord Smith (Chairman)
Roy Twite (CEO)
RevenueIncrease £2,196.0 million (2023)[1]
Increase £410.6 million (2023)[1]
Increase £237.3 million (2023)[1]
Number of employees
10,000 (2024)[2]
Websiteimiplc.com

IMI plc[3] (LSE: IMI), formerly Imperial Metal Industries Limited (1962–1968)[4] and IMI Limited (1978–1981),[5] is a British-based engineering company headquartered in Birmingham, England. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

History

[edit]

The company was founded by Scottish entrepreneur George Kynoch who opened a percussion cap factory in Witton, West Midlands in 1862, trading as Kynoch.[6] The business soon diversified, manufacturing goods ranging from soap and bicycle components to non-ferrous metals, but by the early 20th century it had developed particular expertise in metallurgy.[6] After World War I it merged with Nobel Industries.[6] In 1926 the company acquired Eley Brothers, an ammunition business.[7] The company, by then known as Nobel Explosives, was one of the four businesses that merged in 1927 to create Imperial Chemical Industries.[6] The Witton site became the head office of ICI Metals.[6] During the Second World War the Witton site was used for the development and production of uranium for the Tube Alloys project.[8]

In the 1950s the company's researchers perfected the process for producing titanium on a commercial basis.[6] In 1958 ICI Metals bought 50% of Yorkshire Imperial Metals: it acquired the other 50% four years later.[9]

The name Imperial Metal Industries Limited (IMI for short) was adopted on the 100th anniversary of the firm in 1962.[6] The company was listed on the London Stock Exchange in 1966.[6] Initially ICI retained a majority holding, but in 1978 IMI became fully independent.[6] In the 1990s the Company disposed of its more basic businesses such as metal smelting and metal founding.[6]

In 2003, IMI moved from the Witton site to new headquarters close to Birmingham Airport.[10]

The company announced in October 2013 that a decade-long programme of transformation had been completed with the disposal of two non-core subsidiaries to Berkshire Hathaway for £690m.[11] The disposal of the Cornelius Group, a beverage-dispensing machine business, together with the disposal of a marketing intelligence business, would enable the company to focus on its control valve making business.[12]

In November 2022, it was announced IMI had acquired the Blackburn-based smart thermostatic control manufacturer, Heatmiser, for £110 million.[13]

Sectors

[edit]
Former IMI entrance at Perry Barr

The company is involved in five sectors:[14]

  • Process automation
  • Industrial automation
  • Climate control
  • Life science & fluid control
  • Transport

References

[edit]
  1. ^ a b c "Annual Results 2023" (PDF). IMI. Retrieved 1 March 2024.
  2. ^ "IMI at a Glance". IMI plc. Retrieved 11 February 2024.
  3. ^ "IMI PLC overview - Find and update company information - GOV.UK". find-and-update.company-information.service.gov.uk. Retrieved 26 January 2025.
  4. ^ "Company name changed\certificate issued on 02/05/79". Companies House. 2 May 1979. Retrieved 26 January 2025.
  5. ^ "Certificate of re-registration from Private to Public Limited Company". Companies House. 2 November 1981. Retrieved 26 January 2025.
  6. ^ a b c d e f g h i j "History". IMI. Archived from the original on 16 January 2014. Retrieved 10 March 2014.
  7. ^ "About us". Eley. Archived from the original on 11 March 2014. Retrieved 10 March 2014.
  8. ^ The Pre-Harwell Era. New Scientist. 15 August 1957.
  9. ^ "I.C.I. and Yorkshire Copper Works", The Times, 4 January 1958, p. 12
  10. ^ Records of IMI [Imperial Metal Industries] PLC and subsidiary companies, 1865–1973, Walsall Local History Centre (Reference Code: 1000)
  11. ^ "IMI boss says decade-long transformation complete". The Telegraph. 16 October 2013. Retrieved 10 March 2014.
  12. ^ "Berkshire Hathaway buys UK's IMI". The Telegraph. 17 October 2013. Retrieved 10 March 2014.
  13. ^ "Smart thermostat manufacturer set to be acquired for £110m | TheBusinessDesk.com". West Midlands. 8 November 2022. Retrieved 8 November 2022.
  14. ^ "What we do". IMI. Retrieved 26 January 2025.
[edit]
Retrieved from "https://en.wikipedia.org/w/index.php?title=IMI_plc&oldid=1271960238"