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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.

IMI plc

Type	Public company
Traded as	LSE: IMI FTSE 250 component
ISIN	GB00BGLP8L22
Industry	Engineering
Founded	1862
Headquarters	Birmingham, England, UK
Key people	Lord Smith (Chairman) Roy Twite (CEO)
Revenue	£1,866.0 million (2021)[1]
Operating income	£318.1 million (2021)[1]
Net income	£196.3 million (2021)[1]
Number of employees	10,000 (2022)[2]
Website	www.imiplc.com

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

The company now has three business divisions:[10]

• Critical engineering
• Precision engineering
• Hydronic engineering

References

External links

• Official website
• An Unofficial History of Kynoch Works

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