Ceremony to mark PTG takeover

Photo: Laura Wild

The chairman of PTG, Adrian de Ferranti, presents a certificate in recognition of the transfer to the Chairman of CQME, Mr Xie Huajun

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A completion ceremony was held today (Wednesday 28 July 2010) to celebrate the subsidiary businesses of Precision Technologies Group Ltd (PTG) being bought by Chongqing Machinery and Electric Co Ltd (CQME), a large Chinese industrial group.

PGT was acquired by CQME for a figure in excess of £20million and the companies were transferred on 15 June 2010.

The ceremony was held PTG’s Milnrow headquarters, Holroyd’s, to publicly acknowledge the 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, CQME board members and the Mayor of Rochdale, Councillor Zulfiqar Ali attended the prestigious ceremony.

Speaking at the ceremony Mayor Ali, said: “We feel that this new venture is what Holroyd’s, Milnrow and Rochdale needed.”

The Chairman of PGT, Adrian de Ferranti thanked the employees for their contribution to the company, he said: “I wish you and Chongqing success under their new ownership. May you all prosper and benefit.”

The Chief Executive of Holroyd Precision Ltd, Antony Bannan, said: “I am delighted and honoured to lead this company and I thank CQME and its senior colleagues for entrusting me with this responsibility and giving me this opportunity.

“I am certainly looking forward to working together and to build on the businesses. I am passionate and committed as we all are and I hope we can relish the opportunities that lie ahead of us.”

Mr Bannan added: “It is important to recognise when the handshaking is done the real work begins for us, we need to get down to the tasks in hand, it is down to us, our team of talented, professional and creative people to build this enterprise into the business we know it can be.”

Chongqing Machinery and Electric Co Ltd., (CQME) is listed on the Hong Kong stock exchange with annual sales in excess of $1bn.

CQME 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 aim is to establish a strong foothold in international markets and it views this acquisition as a significant statement of intent.

Existing manufacturing facilities, services and supply chains in the UK will be maintained and developed and all staff of the UK companies have been transferred to the new group.