A Black Country engineering firm has expanded its portfolio of services after acquiring key assets of another local business.
Bilston-based Parker Precision has bought up the precision grinding department of Kepston which was previously based in Aldridge.
The deal will safeguard the jobs of the department's eight existing employees and see the business move its operations to Parker Precision's recently extended manufacturing site.
An extension has been constructed at the site in Vulcan Road which will now be used as the new home of the precision grinding department.
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Parker Precision was founded in 1952 and specialises in the precision manufacture of components while Kepston, which was founded in 1916, offers subcontracted furnace brazing services.
The purchase will complement the buyer's existing components business and enable it to offer more services to its customers in the aviation, petrochemical and defence industries.
The deal will also enable it to expand into new sectors including motorsport, pharmaceutical engineering and food packaging.
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Parker Precision said it hoped that the acquisition, combined with a return in demand following the coronavirus pandemic, would help to increase its turnover by as much as two thirds next year compared to 2020.
It is also planning to grow its team of 33 employees, which includes one apprentice, with at least two new members of staff.
The acquisition of Kepston's assets and the factory expansion was enabled via a new undisclosed funding deal with Lloyds Bank.
Parker's owner and managing director Marc Corns said: "The precision grinding department at Kepston is well established and a major player in the industry.
"Combining our expertise will strengthen both businesses and enhance the products and services we can offer our existing customers as well as bringing in new clients.
"The Lloyds Bank team has been by our side as we've continued to grow in recent years and helped us to keep on track with our latest developments, even throughout the challenging conditions we've faced during the pandemic."
Claire Carr, relationship manager at Lloyds Bank, added: "Parker Precision has a burgeoning reputation in the region and beyond and their acquisition of Kepston's precision grinding division will not only help them to grow further but also protect a number of jobs in the region.
"I know their ambition is to create even more jobs in the future which will provide a boost for the local economy and we will support them as they look to do so."