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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 £110 million. IMI said a further £8 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 £22.5 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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