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Pressure Technology acquires Al-Met
Who?
Pressure Technologies, based in Sheffield.
Did what?
Acquired Al-Met, a niche manufacturer of precision engineered valve wear parts used in the oil and gas industries.
How much?
£2.5m
What does this mean?
Al-Met, which is based in Pontyclun, near Cardiff, employs 29 staff, including 20 highly-trained machinists. The director and general manager, Tony Chess, along with his management team, will remain with the business following the acquisition. Pressure Technologies has warned in a trading update that its main subsidiary Chesterfield Special Cylinders' pre-tax profit for the current year is likely to be up to £0.9m lower than market expectations as a result of order delays, and action is being taken to reduce its operating costs.
Insider comment:
The business will take on Al-Met’s 29 staff in Cardiff, which includes 20 highly-trained machinists. Pressure Technologies expects the acquisition to be earnings-enhancing in 2011 and onwards. John Hayward, chief executive of Pressure Technologies, said: “Al-Met is an established, well-invested, niche business, operating in a sector we know and understand. The highly-skilled workforce and the focus on design and quality fit well culturally with our other businesses. This is an exciting acquisition for the group as there is a clear opportunity to grow the business organically by expanding both the customer base and the product portfolio.”
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