![]() | |
Public company | |
Traded as | LSE: IMI |
ISIN | GB00BGLP8L22 ![]() |
Industry | Engineering |
Founded | 1862 |
Headquarters | Birmingham, England, UK |
Key people | Lord Smith (Chairman) Roy Twite (CEO) |
Revenue | £1,873.0 million (2019)[1] |
£266.1 million (2019)[1] | |
£156.1 million (2019)[1] | |
Number of employees | 11,100 (2019)[2] |
Website | www.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 250 Index.
History
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]
Business platforms
![](https://web.archive.org/web/20201203024106im_/https://upload.wikimedia.org/wikipedia/commons/thumb/3/32/Former_IMI_entrance%2C_Perry_Barr_-_geograph.org.uk_-_1671639.jpg/240px-Former_IMI_entrance%2C_Perry_Barr_-_geograph.org.uk_-_1671639.jpg)
The company now has three business divisions:[10]
- Critical engineering
- Precision engineering
- Hydronic engineering
References
- ^ a b c "Annual Results 2019" (PDF). IMI. Retrieved 3 March 2020.
- ^ "IMI at a Glance". IMI plc. Retrieved 11 June 2019.
- ^ a b c d e f g h i j "History". IMI. Archived from the original on 16 January 2014. Retrieved 10 March 2014.
- ^ "About us". Eley. Archived from the original on 11 March 2014. Retrieved 10 March 2014.
- ^ The Pre-Harwell Era. New Scientist. 15 August 1957.
- ^ "I.C.I. and Yorkshire Copper Works", The Times, 4 January 1958, p. 12
- ^ Records of IMI [Imperial Metal Industries] PLC and subsidiary companies, 1865–1973, Walsall Local History Centre (Reference Code: 1000)
- ^ "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.