28th Dec 2022 07:46
(Alliance News) - IMI PLC on Wednesday announced it completed the acquisition of smart thermostatic control manufacturer, Heatmiser UK Ltd.
The Birmingham-based firm originally proposed the acquisition early in November for an enterprise value of GBP110 million. IMI said a further GBP8 million could be paid based on the acquisition's future financial performance.
Heatmiser will become part of IMI Hydronic. In 2022, the acquisition is expected to generate revenue of GBP22.5 million.
Chief Executive Roy Twite said: "With Heatmiser's expertise in connected controls, we have created a significant opportunity to accelerate our growth in smart buildings. Our combined expertise will help solve key industry problems, enable more energy efficient buildings and deliver our purpose: Breakthrough Engineering for a better world."
By Heather Rydings, Alliance News senior economics reporter
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