REG - IMI PLC - Acquisition of TWTG

IMIAnnouncement

31/10/2024 12:00

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RNS Number : 4371K  IMI PLC  31 October 2024

 

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.'

 Enquiries to:

 Edward Hann     IMI       Tel: +44 (0)7977 354 810
 Matt Denham     Headland  Tel: +44 (0)7551 825 496

 

 

 

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 (http://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 (http://www.twtg.io)

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