An industrial firm has expanded its presence in the West Midlands by acquiring a local rival.
Pre-Met, which specialises in metal pressings and stamping, has bought out Quality Springs & Pressings in an undisclosed deal which it says will help it increase market share in the automotive, construction, environmental and transport sectors.
Both companies are based in Redditch.
All of Quality Springs & Pressings' 16 staff are being retained post-deal which takes the newly enlarged group's payroll to 60, including Quality Springs & Pressings' director Steve Delaney who will join the new-look leadership team.
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Production machinery and equipment will be transferred to Pre-Met's 50,000 sq ft factory over the next three months.
Pre-Met said the acquisition broadened its capacity to include more wire form and spring manufacturing expertise and additional presses alongside embedding new robot and manual welding capabilities.
It said it was now targeting revenue of £10 million.
Managing director James Leng said: "This is a very important strategic move for our business and creates a host of exciting opportunities to offer our customers additional manufacturing processes and assemblies all under one roof.
"Quality Springs & Pressings has a fantastic track record and strong client base which was a major attraction for us and we will only improve this through the support of our quality accreditation team, technical and design specialists and our comprehensive on-site tooling shop.
"This is just the first deal. Over the next 12 months, we'll be embarking on an ambitious acquisition drive that will bolt on complementary manufacturing businesses that give us access to new technologies, new markets and new products."
Operating from Redditch since 1973, Pre-Met originally made high-value pens, cufflinks and telecommunication parts.
Advisers on the deal were Higgs, Kreston Reeves Accountants and Metro HR.
