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IMI plc

From Wikipedia, the free encyclopedia

IMI plc
Company typePublic company
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]
Websitewww.imiplc.com

IMI plc (LSE: IMI), formerly Imperial Metal Industries, 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

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The company was founded by Scottish entrepreneur George Kynoch who opened a percussion cap factory in Witton, West Midlands in 1862, trading as Kynoch.[3] 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.[3] After World War I it merged with Nobel Industries.[3] In 1926 the company acquired Eley Brothers, an ammunition business.[4] The company, by then known as Nobel Explosives, was one of the four businesses that merged in 1927 to create Imperial Chemical Industries.[3] The Witton site became the head office of ICI Metals.[3] During the Second World War the Witton site was used for the development and production of uranium for the Tube Alloys project.[5]

In the 1950s the company's researchers perfected the process for producing titanium on a commercial basis.[3] In 1958 ICI Metals bought 50% of Yorkshire Imperial Metals: it acquired the other 50% four years later.[6]

The name Imperial Metal Industries Limited (IMI for short) was adopted on the 100th anniversary of the firm in 1962.[3] The company was listed on the London Stock Exchange in 1966.[3] Initially ICI retained a majority holding, but in 1978 IMI became fully independent.[3] In the 1990s the Company disposed of its more basic businesses such as metal smelting and metal founding.[3]

In 2003, IMI moved from the Witton site to new headquarters close to Birmingham Airport.[7]

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.[8] 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.[9]

In November 2022, it was announced IMI had acquired the Blackburn-based smart thermostatic control manufacturer, Heatmiser, for £110 million.[10]

Business platforms

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Former IMI entrance at Perry Barr

The company now has three business divisions:[11]

References

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  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. ^ a b c d e f g h i j "History". IMI. Archived from the original on 16 January 2014. Retrieved 10 March 2014.
  4. ^ "About us". Eley. Archived from the original on 11 March 2014. Retrieved 10 March 2014.
  5. ^ The Pre-Harwell Era. New Scientist. 15 August 1957.
  6. ^ "I.C.I. and Yorkshire Copper Works", The Times, 4 January 1958, p. 12
  7. ^ Records of IMI [Imperial Metal Industries] PLC and subsidiary companies, 1865–1973, Walsall Local History Centre (Reference Code: 1000)
  8. ^ "IMI boss says decade-long transformation complete". The Telegraph. 16 October 2013. Retrieved 10 March 2014.
  9. ^ "Berkshire Hathaway buys UK's IMI". The Telegraph. 17 October 2013. Retrieved 10 March 2014.
  10. ^ "Smart thermostat manufacturer set to be acquired for £110m | TheBusinessDesk.com". West Midlands. 8 November 2022. Retrieved 8 November 2022.
  11. ^ "Our businesses". IMI. Retrieved 10 March 2014.
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