IMI buys Rotterdam-based TWTG for €25m

31st Oct 2024 12:02

(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."