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IMI plc

IMI plc
Public company
Traded as LSE: IMI
OTCQX: IMIAY
Industry Engineering
Founded 1862
Headquarters Birmingham, England
Key people
Lord Smith (Chairman)
Mark Selway (CEO)
Revenue £1,686 million (2014)[1]
£295.5 million (2014)[1]
£671.3 million (2014)[1]
Number of employees
12,000 (2014)[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.

Contents

  • History 1
  • Business Platforms 2
  • References 3
  • External links 4

History

The Company was founded by 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 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.[7]

Business Platforms

The Company now has three business divisions:[8]

  • Critical engineering: Critical Engineering division
  • Precision engineering: Precision Engineering division
  • Hydronic Engineering: Hydronic Engineering division

References

  1. ^ a b c "Preliminary Results 2014" (PDF). IMI. Retrieved 28 March 2015. 
  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

  • Official website
  • Yahoo profile
  • An Unofficial History of Kynoch Works
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