Having acquired the subsidiary businesses of Precision Technologies Group (PTG) on 15th June 2010, Chongqing Machinery and Electric Co Ltd (CQME), a large Chinese industrial group, has celebrated the deal with a ‘Completion Ceremony’ at PTG’s Milnrow headquarters.
The ceremony was held to publicly acknowledge transfer of the operating businesses of Holroyd Precision Ltd, Precision Components Ltd, PTG Heavy Industries Ltd (Binns & Berry and Crawford Swift brands), PTG Advanced Developments Ltd, Milnrow Investments Ltd and PTG Deutschland GmbH, into CQME ownership.
Senior officials from the Chongqing government and CQME board members joined representatives from Rochdale Council, MIDAS and the Mayor of Rochdale at the ceremony. The Mayor gave his support and endorsement to this exciting new venture, which is destined to benefit the entire community, by securing jobs in the area and providing a boost to the local economy.
In China, CQME currently employs approximately 40,000 people and is listed on the Hong Kong stock exchange with annual sales in excess of $1billion (USD). The company manufactures machinery and equipment for a wide range of industrial sectors, including power generation, commercial automotive, HV transformers and electricity distribution, machine tools and general machinery systems.
CQME’s strategy following this acquisition focuses on accelerating and upgrading the businesses to transform growth.
CQME said it has acquired PTG’s subsidiaries because it clearly recognises the strengths and advantages inherent in their market knowledge and technologies, which over the years has enabled them to become world-leaders in their own respective markets. The company also sees the opportunity to add value and complementary products to an already extensive product range by harnessing for example, the highly developed technologies of Holroyd Precision to enter new markets in the global precision gear manufacturing sector. Overall, CQME paid in excess of £20 million for the PTG businesses recoginsing that the acquistion will allow them to establish a firm and influential foothold on the international scene.
Here the new group said it will continue to invest and develop the technologies, intellectual property and ‘Know-How’ of the current UK businesses in order for them to compete more effectively with today’s major machine tool and component manufacturers in the design and supply of highly advanced and best cost products.
Significantly for the local workforce and local businesses, all existing manufacturing facilities, services and supply chains will continue to be maintained and developed by the new owners.