We don’t support this browser anymore.
This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

IMI buys Rotterdam-based TWTG for €25m

Thu 31 October 2024 12:02 | A A A

No recommendation

No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.

(Sharecast News) - Engineering firm IMI said on Thursday that it has bought Rotterdam-based TWTG, "a leader" in smart connected asset monitoring solutions for process industries, for 25m (21m) in cash.

TWTG will become part of IMI's Process Automation sector.

IMI said TWTG's portfolio of wireless sensors and integrated software allows plant operators to optimise process performance and profitability.

It said TWTG will greatly expand its 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 company said

In the year to the end of December 2024, TWTG is expected to generate revenue of around 8.1m and adjusted EBITDA of approximately 2.3m.

Chief executive 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.

"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."

    The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.


    More company news from ShareCast