|Traded as||LSE: IMI
|Key people||Roberto Quarta (Chairman)
Mark Selway (CEO)
|Revenue||£1,744 million (2013)|
|Operating income||£321.6 million (2013)|
|Net income||£227.0 million (2013)|
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 250 Index.
The Company was founded by Scottish entrepreneur George Kynoch who opened a percussion cap factory in Witton, West Midlands in 1862, trading as Kynoch. 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. After World War I it merged with Nobel Industries. In 1926 the Company acquired Eley Brothers, an ammunition business. The Company, by then known as Nobel Explosives, was one of the four businesses which merged in 1927 to create Imperial Chemical Industries. The Witton site became the head office of ICI Metals. In the 1950s the company's researchers perfected the process for producing titanium on a commercial basis. In 1958 ICI Metals bought 50% of Yorkshire Imperial Metals: it acquired the other 50% four years later.
The name Imperial Metal Industries Limited (IMI for short) was adopted on the 100th anniversary of the firm in 1962. The Company was listed on the London Stock Exchange in 1966. Initially ICI retained a majority holding, but in 1978 IMI became fully independent.
In the 1990s the Company disposed of its more basic businesses such as metal smelting and metal founding.
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. 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.
The Company now has three business divisions:
- 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.
- "Preliminary Results 2013". IMI. Retrieved 10 March 2014.
- "At a glance". IMI. Retrieved 10 March 2014.
- "History". IMI. Retrieved 10 March 2014.
- "About us". Eley. Retrieved 10 March 2014.
- "I.C.I. and Yorkshire Copper Works", The Times, 4 January 1958, p. 12
- "IMI boss says decade-long transformation complete". The Telegraph. 16 October 2013. Retrieved 10 March 2014.
- "Berkshire Hathaway buys UK's IMI". The Telegraph. 17 October 2013. Retrieved 10 March 2014.
- "Our businesses". IMI. Retrieved 10 March 2014.