31 October 2024
Acquisition of TWTG
IMI plc ("IMI" or the "Group") today
announces that it has acquired TWTG Group B.V. ("TWTG"), a leader
in smart connected asset monitoring solutions for process
industries based in Rotterdam, the Netherlands. TWTG will become
part of IMI's Process Automation sector.
The acquisition of TWTG is fully
aligned to IMI's strategy and purpose, Breakthrough engineering for
a better world. TWTG's exceptional portfolio of wireless sensors
and integrated software allows plant operators to optimise process
performance and profitability. TWTG will greatly expand IMI's asset
monitoring offering, accelerating Process Automation's aftermarket
business. TWTG's solutions are being retrofitted for severe service
flow control equipment, providing a significant opportunity to
scale sales across IMI's installed base in Process
Automation.
The cash consideration of €25m has
been funded from IMI's existing facilities. In the financial year
to 31 December 2024 TWTG is expected to generate revenue of c.
€8.1m and adjusted EBITDA of c. €2.3m. The transaction fully aligns
with the Group's M&A framework.
Commenting on the acquisition, Roy
Twite, Chief Executive Officer of IMI, said:
'We are really pleased to announce
the acquisition of TWTG. TWTG is a fantastic business and a great
fit with our Process Automation sector. TWTG's differentiated
product portfolio will greatly expand our asset monitoring offering
and there are clear synergies, particularly in the aftermarket. I
am delighted to welcome the TWTG team to IMI and look forward to
working with them to create value for our customers and grow our
business.'
Nadine Herrwerth,
Chief Executive Officer of TWTG, commented:
'We are humbled and
excited to become part of IMI. This partnership offers us a
tremendous opportunity to scale our innovations globally and
broaden our impact with industrial internet of things solutions. By
combining our strengths, we will continue to push the boundaries of
automation and digitalisation, which is where both companies'
purposes converge.'
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Enquiries to:
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Edward Hann
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IMI
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Tel: +44 (0)7977 354 810
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Matt Denham
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Headland
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Tel: +44 (0)7551 825 496
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Notes to editors
IMI
plc is a FTSE100 global specialist engineering
company that designs, manufactures and services highly engineered
products to control the precise movement of fluids. Its innovative
motion and flow control technologies, built around valves and
actuators, enable vital sectors to become safer, more sustainable
and more productive. IMI combines world class applications
engineering expertise with a continued focus on customer
satisfaction, market-led innovation and complexity reduction to
solve its customers most acute engineering problems. IMI employs
approximately 10,000 people, has manufacturing facilities in 18
countries and operates a global service network. The Company is
listed on the London Stock Exchange. Further information is
available at www.imiplc.com
IMI plc is registered in England No. 714275. Its
legal entity identifier ('LEI') number is
2138002W9Q21PF.
TWTG specialises in
creating Industrial IoT (Internet of Things) solutions, such as
sensors and communication modules, primarily for industries like
energy and manufacturing. Their products, including wireless
sensors for vibration, temperature, and smart grid technology, help
customers monitor equipment health, reduce downtime, and enhance
operational efficiency. These smart devices integrate seamlessly
into existing systems, offering valuable insights for preventive
maintenance and grid resilience. Further information is available
at www.twtg.io