# TI Group

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This article is about the British company. For the mathematical concept, see [TI-group](/source/TI-group). For groups called TI, see [ti (disambiguation)](/source/Ti_(disambiguation)).

**TI Group plc** (formerly "Tube Investments") was a holding company for specialised [engineering](/source/Engineering) companies. It was based in [Abingdon, Oxfordshire](/source/Abingdon,_Oxfordshire) and was listed on the [London Stock Exchange](/source/London_Stock_Exchange), at one point being a constituent of the [FTSE 100 Index](/source/FTSE_100_Index).

The company was originally registered as *Tube Investments* in 1919, combining the seamless steel tube businesses of various companies.[1] In 1949, the company established [TI Cycles of India](/source/TI_Cycles_of_India) as a [joint venture](/source/Joint_venture) with the [Murugappa family](/source/Murugappa_family). During 1956, it created the subsidiary *British Cycle Corporation*, consisting of [Armstrong](/source/Armstrong_(company)), [Norman Cycles](/source/Norman_Cycles), [Sun Cycles](/source/Sun_(motorcycle)), [Phillips Cycles](/source/Phillips_Cycles), Hercules Cycles, and merged it with [Raleigh Industries](/source/Raleigh_(bicycle)). During the 1980s, the company acquired [Alfred Herbert Ltd](/source/Alfred_Herbert_(company)), [Houdaille](/source/Houdaille_Industries), and [Armco Inc.](/source/AK_Steel_Holding)'s European Tubing business. In 1987, Raleigh was sold to Derby International while Creda was sold to [GEC](/source/General_Electric_Company_plc).

During 1992, TI Group acquired [Dowty Group](/source/Dowty_Group), after which the business underwent heavy restructuring, making 1,500 former Dowty employees [redundant](/source/Layoff) and quickly disposing of seven ex-Dowty Group companies via a [management buyout](/source/Management_buyout) that resulted in the creation of [Ultra Electronics](/source/Ultra_Electronics). In 1994, TI Group transferred the Dowty landing gear business into a [joint venture](/source/Joint_venture) that it formed with [SNECMA](/source/Snecma), which became known as [Messier-Dowty](/source/Messier-Bugatti-Dowty). During late 1998, TI Group opted to sell its stake in Messier-Dowty. Throughout the late 1990s, the group acquired numerous other companies, including Technoflow Tube Systems, Bundy Asia Pacific, S&H Fabricating and Engineering, Kenmore Italiana, Walbro Corporation, and Marwal. On 4 December 2000, [Smiths Industries](/source/Smiths_Group) merged with TI Group.

## History

The company was registered as *Tube Investments* in 1919, combining the seamless steel tube businesses of Tubes Ltd, New Credenda Tube (later known as Creda), Simplex and [Accles & Pollock](/source/Accles_%26_Pollock).[1] [Reynolds Tube](/source/Reynolds_Tube) joined the group in 1928.[2]

[Ivan Stedeford](/source/Ivan_Stedeford) joined the company in 1928; he became [chief executive](/source/Chief_executive) in 1935, and [chairman](/source/Chairman) in 1944. The company benefitted greatly from the expansion of Britain's aviation sector, particularly amid the [Second World War](/source/Second_World_War).[3]

In 1946, the company bought [Swallow Coachbuilding Co. (1935) Ltd.](/source/Swallow_Coachbuilding_Co._(1935)_Ltd.) and [Hercules Cycles](/source/Hercules_Cycle_and_Motor_Company). In 1949, the company established [TI Cycles of India](/source/TI_Cycles_of_India) as a [joint venture](/source/Joint_venture) with the [Murugappa family](/source/Murugappa_family). The British Cycle Corporation subsidiary was formed in 1956, and consisted of [Armstrong](/source/Armstrong_(company)), [Norman Cycles](/source/Norman_Cycles), [Sun Cycles](/source/Sun_(motorcycle)), [Phillips Cycles](/source/Phillips_Cycles) and Hercules Cycles (no connection with the German Hercules company).[4] TI subsidiary Swallow Coachbuilding Co. constructed the [Swallow Doretti](/source/Swallow_Doretti) sports car in 1954 and 1955.[5] The 'Aluminium War' from 1958 to 1959 was a fierce, and ultimately successful, battle fought by the firm to acquire [British Aluminium](/source/British_Aluminium).[6]

[Raleigh Industries](/source/Raleigh_(bicycle)) were acquired in 1960, bringing the Raleigh owned brands [BSA Cycles](/source/Birmingham_Small_Arms_Company), Humber, Triumph, Rudge, New Hudson, Sunbeam Three Spires and J. B. Brooks.[7] During 1963, the company bought kettle manufacturers [Russell Hobbs](/source/Russell_Hobbs) in 1963; that same year, Sir Ivan Stedeford retired as [chairman](/source/Chairman) and chief executive officer and became life president.[8]

The group bought [Alfred Herbert Ltd](/source/Alfred_Herbert_(company)) in 1982.[9] In 1986, Tube Investments acquired [Houdaille](/source/Houdaille_Industries), parent of [John Crane](/source/John_Crane_Group) and other industrial companies from [Kohlberg Kravis Roberts](/source/Kohlberg_Kravis_Roberts); the non Crane divisions were sold back to KKR as [IDEX](/source/IDEX_Corporation).[10][11] Tube Investments acquired [Armco Inc.](/source/AK_Steel_Holding)'s European Tubing business – Fulton (UK) and Bundy Corporation (USA) in 1987; Raleigh was sold that year to Derby International[12][13] and Creda to [GEC](/source/General_Electric_Company_plc).[14]

TI Group bought Huron Products Industries (USA) in 1991,[15] and [Dowty Group](/source/Dowty_Group) in 1992,[16] Reportedly, Dowty had been regarded by TI's chairman, [Sir Christopher Lewinton](/source/Christopher_Lewinton), as his number-one target and had made substantial preparations towards its acquisition, although the bid was not regarded as being a hostile one despite Dowty's board initially having spurned the proposition.[17] Following the completion of the Dowty acquisition, TI Group became the second largest engineering concern in the UK.[3]

Considerable restructuring of the company occurred during the early-to-mid 1990s.[3] By August 1993, TI Group had made 1,500 of ex-Dowty workforce [redundant](/source/Layoff) since the acquisition, equivalent to 20 per cent of the total workforce; this move was reportedly a consequence of the unit's performance having been beneath expectations.[18] During 1993, TI Group decided to dispose of seven former Dowty Group companies engaged in the manufacture of electronic equipment; this was achieved in the form of a [management buyout](/source/Management_buyout) that resulted in the creation of [Ultra Electronics](/source/Ultra_Electronics).[19][20]

In 1994, TI Group transferred the Dowty landing gear business into a [joint venture](/source/Joint_venture) that it formed with [SNECMA](/source/Snecma), which became known as [Messier-Dowty](/source/Messier-Bugatti-Dowty).[21] According to Tony Edwards, the chief executive and chairman of the merged entity, while acknowledging there having been some difficulties due to a lack of preparation, he regarded it as being: "a successful example of European integration that works".[22] At one point, TI Group had ambitious to wholly own Messier-Dowty, however the French government made any such deal impossible.[23] Accordingly, during late 1998, TI Group opted to sell its stake in Messier-Dowty, it thus became wholly owned by the French aerospace business [Safran](/source/Safran) and subsequently renamed [Safran Landing Systems](/source/Safran_Landing_Systems).[24][25]

During 1996, TI Group decided to sell Accles & Pollock to Hay Hall Group.[1] Throughout the late 1990s, various companies were acquired by TI Group, including Technoflow Tube Systems (Germany), Bundy Asia Pacific, S&H Fabricating and Engineering (USA), Kenmore Italiana (Italy), Walbro Corporation (USA), and Marwal (France).[15][3]

On 4 December 2000, [Smiths Industries](/source/Smiths_Group) merged with TI Group.[26][27] Shortly after the merger was completed, Smiths Group transferred its newly acquired automotive business into a separate corporate entity, creating [TI Automotive](/source/TI_Automotive), and promptly disposed of it.[28][3]

## Operations

The three major divisions were:

- [John Crane International](/source/John_Crane_Group), manufacturer of mechanical seals,[3]
- Bundy Corporation, a tubing manufacturer and supplier to the refrigeration and automotive industries,[3]
- [Dowty Group](/source/Dowty_Group), an [aerospace](/source/Aerospace) company.[29][3]

The group also owned TI Creda, a manufacturer of domestic cookers, and owned TI Chesterfield Cylinders, a manufacturer of pressurised gas cylinders for companies such as [BOC](/source/The_BOC_Group) and [Air Products and Chemicals](/source/Air_Products_and_Chemicals): the business was sold and the factory moved from [Chesterfield](/source/Chesterfield,_Derbyshire) to [Sheffield](/source/Sheffield).[30]

## References

1. ["Accles & Pollock: About us"](https://web.archive.org/web/20070818214505/http://www.accles.co.uk/history.asp). Archived from [the original](http://www.accles.co.uk/history.asp) on 18 August 2007. Retrieved 27 August 2007.

1. ["Tube Investments"](https://cybermotorcycle.com/marques/ti/). British Motorcycles. Retrieved 16 March 2023.

1. ["TI Group (Dowty) - Archived 10/2001"](https://www.forecastinternational.com/archive/disp_old_pdf.cfm?ARC_ID=402). *forecastinternational.com*. October 2000.

1. [Hercules](http://www.gracesguide.co.uk/wiki/Hercules)

1. [Swallow Doretti](http://www.doretti.co.uk/page4-1.htm)

1. ["Obituary: Lord Plowden"](https://www.telegraph.co.uk/news/obituaries/1322916/Lord-Plowden.html). [The Daily Telegraph](/source/The_Daily_Telegraph). 17 February 2001.

1. [Raleigh: History](http://www.raleigh.co.uk/history.aspx)

1. [*Obituaries from the Times*](https://books.google.com/books?id=GyYOAQAAMAAJ). Newspaper Archive Developments Limited. 1971. ISBN 9780903713979. Sir Ivan Stedeford, G.B.E., life president of Tube Investments and one of Britain's leading industrialists until his retirement in 1963, died on February 9

1. ["Paragraph 879, House of Commons Debates"](https://api.parliament.uk/historic-hansard/commons/1983/jul/25/west-midlands). [Hansard](/source/Hansard). 25 July 1983.

1. Holland, Max (2002). *From Industry to Alchemy: Burgmaster, a Machine Tool Company*. Beard Books. ISBN 978-1-58798-153-1.

1. ["TI Group to Buy Houdaille"](https://www.nytimes.com/1987/08/26/business/ti-group-to-buy-houdaille.html). *The New York Times, section D pg 8*. 26 August 1987. Retrieved 11 May 2022.

1. Cope, Nigel (7 March 1994). ["Raleigh hears the wheels of the pack"](https://www.independent.co.uk/news/business/raleigh-hears-the-wheels-of-the-pack-nigel-cope-looks-at-one-of-britain-s-great-survivors-dealing-with-pursuit-by-a-bunch-of-lean-competitors-1427600.html). The Independent.

1. ["HISTORY: The Heron Evolves: Raleigh from 1975 to 2002"](https://bikebiz.com/history-the-heron-evolves-raleigh-from-1975-to-2002/). *bikebiz.com*. 13 February 2002.

1. ["GEC TIPPED TO ACQUIRE TI GROUP – OTHER ACQUISITIONS LIKELY TO FOLLOW"](https://www.techmonitor.ai/technology/gec_tipped_to_acquire_ti_group_other_acquisitions_likely_to_follow). *techmonitor.ai*. 26 May 1987.

1. ["TI Automotive: Heritage"](https://web.archive.org/web/20110713001654/http://tiautomotive.iconicweb.com/en/history_fr.htm). Archived from [the original](http://tiautomotive.iconicweb.com/en/history_fr.htm) on 13 July 2011. Retrieved 3 October 2010.

1. ["British engineering merger moves forward"](https://query.nytimes.com/gst/fullpage.html?res=9E0CE2DC123EF932A25755C0A964958260). [The New York Times](/source/The_New_York_Times). 1992.

1. ["UK: Why TI Group went West"](https://www.managementtoday.co.uk/uk-why-ti-group-went-west/article/410882). [Management Today](/source/Management_Today). 1 April 1993.

1. Wilkinson, Terence (6 August 1993). ["Dowty dilutes TI earnings: Aerospace and engineering group continues to underperform"](https://www.independent.co.uk/news/business/dowty-dilutes-ti-earnings-aerospace-and-engineering-group-continues-to-underperform-1459508.html). *The Independent*

1. ["Ultra Electronics Holdings plc Annual Report and Accounts 2005"](http://www.hemscott.com/ir/ule/pdf/annual_review_2005.pdf). Ultra Electronics Holdings plc. 2005. p. 31. Retrieved 25 September 2006.

1. Campbell, Katharine (23 September 1997). "'Pilot' with the right stuff: How three companies won acclaim in the Venturer of the Year awards". *Financial Times*

1. ["Case No IV/M.368 SNECMA / TI"](https://ec.europa.eu/competition/mergers/cases/decisions/m368_en.pdf). [European Commission](/source/European_Commission). 17 January 1994.

1. ["Dowty shows benefits of Eurobonding"](https://www.flightglobal.com/dowty-shows-benefits-of-eurobonding/2770.article). Flight Global. 15 June 1997.

1. Larsen, Peter Thal (11 December 1997). ["TI sale puts French defence commitment in doubt"](https://www.independent.co.uk/news/business/ti-sale-puts-french-defence-commitment-in-doubt-1288135.html). The Independent.

1. ["Snecma lands in full control of Messier-Dowty as TI sells out"](https://www.flightglobal.com/snecma-lands-in-full-control-of-messier-dowty-as-ti-sells-out/18809.article). Flight Global. 17 December 1997. Retrieved 30 December 2019.

1. ["Case No IV/M.1159 SNECMA / MESSIER DOWTY"](https://ec.europa.eu/competition/mergers/cases/decisions/m1159_en.pdf). European Commission. 18 June 1998.

1. ["Engineering rivals to merge"](https://news.bbc.co.uk/2/hi/business/930419.stm). BBC News. 18 September 2000. Retrieved 25 September 2006.

1. ["Smiths Industries Agrees to Acquire TI Group in $2.48 Billion Transaction"](https://www.wsj.com/articles/SB969263251443460192). *[Wall Street Journal](/source/Wall_Street_Journal)*. 19 September 2000. Retrieved 16 March 2023.

1. ["TI Group plans to sell off auto suppliers."](http://findarticles.com/p/articles/mi_hb5251/is_/ai_n20132343)[dead link]

1. ["TI Group plc - Company History"](http://www.fundinguniverse.com/company-histories/TI-Group-plc-Company-History.html). fundinguniverse.com. 1997. Retrieved 2006-09-26.

1. ["MBO in 2004 from German successor to TI Chesterfield Cylinders"](https://web.archive.org/web/20081120055200/http://www.yhef.co.uk/about_the_fund/portfolio/chesterfield_portfolio.htm). Archived from [the original](http://www.yhef.co.uk/about_the_fund/portfolio/chesterfield_portfolio.htm) on 20 November 2008. Retrieved 3 October 2010.

## External links

- [History of the TI Group, from the company's former website on the Internet Archive](https://web.archive.org/web/20001204065600/http://www.tigroup.com/about/briefhistory.html)
- [TI Group former website on the Internet Archive](https://web.archive.org/web/20001205011500/http://www.tigroup.com/index.html)
- [Smiths Group History](http://www.smiths-group.com/growingthroughtheyears.htm)

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Adapted from the Wikipedia article [TI Group](https://en.wikipedia.org/wiki/TI_Group) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/TI_Group?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.