Pressure Technologies, a gas storage vessel manufacturer, has today announced its £2.25 million acquisition of Al-Met, a niche manufacturer of specialised, precision engineered valve wear parts used in the oil and gas industries – but with the good news comes a warning that the company’s full year profits could be affected because of spending delays.
Based in Pontyclun, near Cardiff, Al-Met’s products are used in high-pressure choke and flow control valves – designed to regulate flow volumes in extremely demanding applications in the subsea and surface oil and gas industries. The business employs 29 staff of which 20 are highly-trained machinists – The director and general manager, Tony Chess, together with his management team, will remain with the business following the acquisition.
Discussing the take-over, John Hayward, chief executive of Pressure Technologies – which is the holding company for Chesterfield Special Cylinders (CSC) and Chesterfield BioGas said:
“Al-Met is an established, well invested, niche business, operating in a sector we know and understand. The highly skilled workforce and the focus on design and quality fit well culturally with our other businesses…
… This is an exciting acquisition for the Group as there is a clear opportunity to grow the business organically by expanding both the customer base and the product portfolio”
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Source: The Business Desk .com
Tags: gas business prices
