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Precision engineering future secured by merger
A merger in the machine tools market is going to secure the future of a business plus its staff following the retirement of its owner.
Rory Woolf Engineering is being taken over by Travan Precision Engineering following the securing of a finance package from Michelin Development and Ulster Bank, the Belfast Telegraph reported.
Michelin Development is behind the stimulation of the local economy through targeted funds which aim to improve the sustainability of Northern Ireland again through its £50,000 investment.
Ian Duff, the managing director of Travan, happily registered his happiness at the acquisition.
He told the newspaper: "We are delighted to be able to secure the future of staff from both sites and offer a new, all encompassing assembly, fabrication, welding and precision engineering service all under one roof, which will help take both businesses forward and allow us to open up new markets."
According to a recent report by McKinney Rogers and Ipsos MORI, manufacturing firms in the UK are prepared for the upturn and many are positioning themselves for the possibility of expansion through takeovers.
Rory Woolf Engineering is being taken over by Travan Precision Engineering following the securing of a finance package from Michelin Development and Ulster Bank, the Belfast Telegraph reported.
Michelin Development is behind the stimulation of the local economy through targeted funds which aim to improve the sustainability of Northern Ireland again through its £50,000 investment.
Ian Duff, the managing director of Travan, happily registered his happiness at the acquisition.
He told the newspaper: "We are delighted to be able to secure the future of staff from both sites and offer a new, all encompassing assembly, fabrication, welding and precision engineering service all under one roof, which will help take both businesses forward and allow us to open up new markets."
According to a recent report by McKinney Rogers and Ipsos MORI, manufacturing firms in the UK are prepared for the upturn and many are positioning themselves for the possibility of expansion through takeovers.
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