31st Oct 2024 13:41
(Alliance News) - IMI PLC on Thursday said it has completed the acquisition of Rotterdam, Netherlands-based TWTG Group as it looks to expand its asset monitoring offering.
The Birmingham, based-based specialist engineering company paid EUR25 million in cash, funded by IMI's existing finance facilities.
The FTSE 100-listed business said the acquisition will expand its asset monitoring offering through accelerating Process Automation's aftermarket business. IMI said TWTG will become part of its Process Automation sector.
It added that the acquisition provides a significant opportunity to scale sales across IMI's installed base in Process Automation through retrofitting TWTG's solutions for severe service flow control equipment.
IMI said that for 2024 it expects TWTG to generate adjusted earnings before interest, tax, depreciation and amortisation of EUR2.3 million on EUR8.1 million in revenue.
IMI Chief Executive Officer Roy Twite 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."
Shares in the firm are down 1.9% at 1,680.00 pence on Thursday afternoon in London.
By Christopher Ward, Alliance News reporter
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