Award-winning security manufacturer Pyronix has announced its acquisition by a multi-billion-dollar Chinese company.
The Rotherham firm, which specialises in intrusion alarm systems, has been bought by Hikvision, the world’s largest video surveillance manufacturer.
Julie Kenny CBE DL, founder of Pyronix, said: “This acquisition represents a huge opportunity for Pyronix, Rotherham, and the region.
“The foreign direct investment that this will bring to the UK will be huge. Hikvision has big plans for the growth of Pyronix and the continued development globally.
“In the last 15 years Hikvision has demonstrated what can be achieved in the video surveillance market. With this guidance, Pyronix can achieve great things in the global market place.”
Pyronix, which is based at Hellaby, employs around 155 people, exports to more than 70 countries and turns over around £22m.
Hikvision, based in Hangzhou, employs more than 13,000 people and turns over about $2.6bn.
Jiang Feng Zhi, recently appointed chairman of Pyronix, said: “These are exciting times for Pyronix and Hikvision as the two companies work together.
“Hikvision has plans for significant investment in the UK and particularly in its UK-based manufacturing, with plans to dramatically expand operations.
“We are delighted to welcome Pyronix to Hikvision group, and we look forward to growing the business through introduction of intruder alarm products to the global market.”
Hikvision plans to apply Pyronix expertise in intrusion detection systems to its leading position in the video surveillance market.
Sebastian Herrera, chief executive officer of Pyronix, said: “Hikvision and Pyronix combined know-how will bring new advancements and innovative products to the market, converging two security technologies in video surveillance and intrusion detection.”
Pyronix was advised by Matt Ainsworth and Michael Hall from the corporate team at law firm Irwin Mitchell and PwC’s Paul Mankin and Stephen Pringle.