A Fylde diving and pressure chamber manufacturer has sold a 50 per cent stake to another Lancashire engineering specialist.
Darwen-based WEC Group has acquired 50 per cent of Submarine Manufacturing and Products of Newton.
Bosses at WEC said that adding SMP to its ranks would provide a host of benefits to the company thanks to their wealth of complex products on offer.
These include diver decompression chambers, hyperbaric oxygen chambers, breathing air compressors, and commercial diving helmets.
Both WEC Group, which employs around 640 and SMP, which has around 40 employees, will gain access to each other’s expertise and skills, thus strengthening operations further and facilitating both businesses’ long term investment and growth strategies.
Already a key supply chain partner of SMP, WEC Group specialises in the fabrication and manufacture of a wide range of metal structures and welded assemblies including rail gantries, CCTV structures, bus frames, armoured vehicles hulls, vacuum coolers and pressure vessels to ASME standards to name but a few. Steve Hartley and Wayne Wild, respectively managing director and group commercial director of WEC Group, have joined the board at SMP and will take an active role in the business to enable the new joint venture to realise its full potential.
Steve Hartley said: “SMP and WEC Group have had a longstanding business relationship and there is a very good strategic fit between the two businesses.”
“We are delighted to announce that the two companies have entered into a joint venture arrangement in which WEC Group will bring increased engineering and business expertise to SMP, paving the way to future growth and building on the foundations laid down by SMP over the last thirty years.”
Phil Connolly, managing director of SMP, said: “This is fantastic and exciting news for both businesses.
“It will facilitate support in key areas and enable realisation of the excellent sales opportunities that exist in our market. We are looking forward to a bright and healthy future for our combined business.”