IMI plc

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IMI plc
Type Public company
Traded as LSEIMI
OTCQXIMIAY
Industry Engineering
Founded 1862
Headquarters Birmingham, England
Key people Roberto Quarta (Chairman)
Mark Selway (CEO)
Revenue £1,744 million (2013)[1]
Operating income £321.6 million (2013)[1]
Net income £227.0 million (2013)[1]
Employees 12,000 (2014)[2]
Website www.imiplc.com

IMI plc (LSEIMI), 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[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.[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 which merged in 1927 to create Imperial Chemical Industries.[3] The Witton site became the head office of ICI Metals.[3] 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.[5]

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]

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.[6] The disposal of Marmon 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.[7]

Business Platforms[edit]

The Company now has three business divisions:[8]

  • Critical engineering: Critical Engineering division is a provider of engineered flow control solutions for critical applications that are able to withstand temperature and pressure extremes and intensely abrasive and corrosive cyclical operations.
  • Precision engineering: Precision Engineering division specialises in the design and manufacture of pneumatic and other flow control technologies for applications where precision, speed and reliability are essential.
  • Hydronic Engineering: Hydronic Engineering division is the provider of technologies that deliver operational and energy efficient water-based heating and cooling systems inside buildings.

References[edit]

  1. ^ a b c "Preliminary Results 2013". IMI. Retrieved 10 March 2014. 
  2. ^ "At a glance". IMI. Retrieved 10 March 2014. 
  3. ^ a b c d e f g h i j "History". IMI. Retrieved 10 March 2014. 
  4. ^ "About us". Eley. Retrieved 10 March 2014. 
  5. ^ "I.C.I. and Yorkshire Copper Works", The Times, 4 January 1958, p. 12
  6. ^ "IMI boss says decade-long transformation complete". The Telegraph. 16 October 2013. Retrieved 10 March 2014. 
  7. ^ "Berkshire Hathaway buys UK's IMI". The Telegraph. 17 October 2013. Retrieved 10 March 2014. 
  8. ^ "Our businesses". IMI. Retrieved 10 March 2014. 

External links[edit]