Deal sees Hong Kong toolmaker snap up Yorkshire firm
mercredi, 28 avril 2010
Engineering business Precision Technologies Group (PTG) has sold PTG Heavy Industries to a company listed on the Hong Kong stock exchange as part of a £20m deal.
The Elland-based heavy engineering subsidiary has been acquired by Chinese machine tool maker Chongqing Machinery & Electric Company (CMEC).
PTG has also sold its Rochdale-based subsidiaries Holroyd Precision, Precision Components, PTG Advanced Developments and Milnrow Investments and German business PTG Deutschland as part of the deal.
The deal does not include Jones & Shipman or Edgetek super abrasive machines, which remain with PTG.
PTG Heavy Industries takes in the manufacture and refurbishment of Binns & Berry and Crawford Swift lathes, plus other heavy machinery.
CMEC is active in commercial vehicle parts and components, power equipment, general machinery and CNC machine tools.
Previously state-run, the company went public in 2008. All staff will be transferred to the new group.
Yorkshire is home to more than 5,600 advanced engineering and materials firms employing around 114,000 people and generating £4.9bn for the region’s economy.