PTG Plans to Sell Subsidiaries
April 26, 2010—The board of U.K.-based Precision Technologies Group announced the proposed sale of a number of its subsidiary businesses to Chongqing Machinery and Electric (CQME), a large Chinese industrial group, pending approval by the Chinese government. The businesses proposed for transfer to CQME include Holroyd Precision Ltd., Precision Components Ltd., PTG Heavy Industries Ltd. (Binns and Berry and Crawford Swift), PTG Advanced Developments Ltd. and PTG Deutschland GmbH. Jones and Shipman Precision Ltd. is not affected by this announcement and continues to trade under its current ownership. CQME's aims to establish a strong foothold in international markets and sees this acquisition as a significant statement of intent, according to a PTG press release. The combined group will continue to invest, develop technology and intellectual property of the U.K. businesses to create products for the market. Existing manufacturing facilities, services and supply chains in the U.K. will be maintained, and all staff of the above companies will be transferred to the new group. PTG's Board of Directors is excited by the opportunities this transaction presents and is confident that it will create a combined company with the skills necessary to compete with the major machine tool and component manufacturers worldwide, according to the press release. PTG specializes in machine tool design, build and supply of surface, cylindrical, creepfeed, rotor, thread and gear grinding machines, as well as super abrasive machining systems, rotor milling machines and lathes.
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