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Chinese company buys Rochdale machine tools firms for £20m
Chinese machine tool maker Chongqing Machinery & Electric Company is buying three Rochdale-based businesses for £20m.
Holroyd Precision makes gear/rotor cutting machines
The deal, which is subject to official approval in Beijing, involves Holroyd Precision, which makes gear/rotor cutting machines and Precision Components, which manufactures rotors.
The Chinese group is also buying Milnrow Investments owns the Holroyd Precision and Precision Components site in Rochdale; PTG Advanced Developments, a special projects consultancy; and sales operation PTG Deutschland.
The vendor is Precision Technologies Group, best known for its Jones & Shipman and Edgetek machinery brands, which are not included in the deal. About 150 UK employees are affected.
Chongqing Machinery & Electric Company, which has a stock market listing in Hong Kong, is also buying PTG Heavy Industries, based in Huddersfield, which makes and refurbishes Binns & Berry and Crawford Swift lathes.
The Chinese group was privatised from state ownership via an IPO in 2008. It makes commercial vehicle parts and components; power equipment; general machinery and CNC machine tools.
It said the deal was designed to "improve the technical know-how of Chongqing, reinforce the capability of technical development of relevant enterprises of the company, expand its business scale and enhance its profile".
Mark Franckel, chief executive of PTG, said Chongqing was keen to expand the Holroyd machine tools range.
http://www.crainsmanchesterbusiness.co.uk/article/20100316/FREE/100319882/1085
Holroyd Precision makes gear/rotor cutting machines
The deal, which is subject to official approval in Beijing, involves Holroyd Precision, which makes gear/rotor cutting machines and Precision Components, which manufactures rotors.
The Chinese group is also buying Milnrow Investments owns the Holroyd Precision and Precision Components site in Rochdale; PTG Advanced Developments, a special projects consultancy; and sales operation PTG Deutschland.
The vendor is Precision Technologies Group, best known for its Jones & Shipman and Edgetek machinery brands, which are not included in the deal. About 150 UK employees are affected.
Chongqing Machinery & Electric Company, which has a stock market listing in Hong Kong, is also buying PTG Heavy Industries, based in Huddersfield, which makes and refurbishes Binns & Berry and Crawford Swift lathes.
The Chinese group was privatised from state ownership via an IPO in 2008. It makes commercial vehicle parts and components; power equipment; general machinery and CNC machine tools.
It said the deal was designed to "improve the technical know-how of Chongqing, reinforce the capability of technical development of relevant enterprises of the company, expand its business scale and enhance its profile".
Mark Franckel, chief executive of PTG, said Chongqing was keen to expand the Holroyd machine tools range.
http://www.crainsmanchesterbusiness.co.uk/article/20100316/FREE/100319882/1085
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