IMI plc
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IMI plc[1] (Template:Lse), formerly Imperial Metal Industries Limited (1962–1968)[2] and IMI Limited (1978–1981),[3] 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
The company was founded by Scottish entrepreneur George Kynoch who opened a percussion cap factory in Witton, West Midlands in 1862, trading as Kynoch.[4] 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.[4] After World War I it merged with Nobel Industries.[4] In 1926 the company acquired Eley Brothers, an ammunition business.[5] The company, by then known as Nobel Explosives, was one of the four businesses that merged in 1927 to create Imperial Chemical Industries.[4] The Witton site became the head office of ICI Metals.[4] During the Second World War the Witton site was used for the development and production of uranium for the Tube Alloys project.[6]
In the 1950s the company's researchers perfected the process for producing titanium on a commercial basis.[4] In 1958 ICI Metals bought 50% of Yorkshire Imperial Metals: it acquired the other 50% four years later.[7]
The name Imperial Metal Industries Limited (IMI for short) was adopted on the 100th anniversary of the firm in 1962.[4] The company was listed on the London Stock Exchange in 1966.[4] Initially ICI retained a majority holding, but in 1978 IMI became fully independent.[4] In the 1990s the Company disposed of its more basic businesses such as metal smelting and metal founding.[4]
In 2003, IMI moved from the Witton site to new headquarters close to Birmingham Airport.[8]
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.[9] 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.[10]
In November 2022, it was announced IMI had acquired the Blackburn-based smart thermostatic control manufacturer, Heatmiser, for £110 million.[11]
Sectors
The company is involved in five sectors:[12]
- Process automation
- Industrial automation
- Climate control
- Life science & fluid control
- Transport
References
External links
Template:FTSE 100 Index constituents
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- ↑ a b c d e f g h i j Script error: No such module "citation/CS1".
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- ↑ "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)
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- Aircraft component manufacturers of the United Kingdom
- British companies established in 1862
- Companies listed on the London Stock Exchange
- Engineering companies of the United Kingdom
- Firearm manufacturers of the United Kingdom
- Manufacturing companies based in Birmingham, West Midlands
- Metal companies of the United Kingdom
- 1862 establishments in England
- Manufacturing companies established in 1862
- Companies in the FTSE 100 Index