Engineer diversifies with new acquisition

John Hayward, CEO of Pressure Technologies, said Martract  is an exciting acquisition for the group
John Hayward, CEO of Pressure Technologies, said Martract is an exciting acquisition for the group
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​​Engineering firm​ ​​Pressure Technologies​ ​is to diversify with the acquisition of Martract, a profitable, cash-generative engineering business that specialises primarily in the grinding and lapping of ball and seat assemblies and gate valves.

The maximum total consideration for the deal is £4.3m.

Pressure Technologies ​is keen to expand into other areas amid tough market conditions in the oil and gas industry.

​The Sheffield-based​ firm ​said Martract is a highly specialist, niche business and the market leader in its field through its unrivalled​ ​intellectual property and strong​,​ longstanding customer relationships.

The business is well known to​ ​the ​g​roup and has been a key supplier to the Precision Engineering Division​ ​for over 15​ ​years.

Pressure Technologies said ​​the ​a​cquisition is a strong strategic fit with ​its​ PMC Division​ and​ it will join the other businesses in​ ​this division; Roota Engineering, Al-Met and Quadscot.

​Around 60​ per cent​ of Martract’s revenue is generated outside of the oil and gas market​.​

John Hayward, CEO of Pressure Technologies, said:​ ​“This is an exciting acquisition for the Group, which strengthens our existing market position and gives​ ​significant opportunity to penetrate new markets.

​"​Martract’s reputation for technical ability and​ ​quality sits well with our ​g​roup capabilities and we are delighted to welcome its dedicated and highly-skilled workforce to the ​g​roup.”