Growth and development is top of the agenda for high precision engineering company, Precision Technologies following the business’ sale to a management team led by experienced entrepreneur, Kevin Parkin.
Parkin will reportedly be working alongside existing technical directors, Colin Palin and Patrick Walker, who have also invested in the deal, and John Sandland who remains finance director.
Midlands-based Precision Technologies International (PTI) has a 50-year heritage in the manufacture of specialist component parts including gears, splines and threads for a wide range of sectors including winning Formula One teams, as well as aerospace, oil and gas.
Under the leadership of Parkin the company has plans for expansion into new sectors such as defence, nuclear and medical, as well as the creation of new jobs and ambitious plans for its apprentice scheme.
Described as “forward-thinking” and a “no-nonsense board director”, Parkin has a proven track record in manufacturing and engineering, and a number of industry awards under his belt.
He commented: “I was attracted to PTI because of the opportunity to grow the business into new sectors such as nuclear across both fusion and fission, and to expand further in the medical sector.
“It is a well-established and reliable business, which is set apart by the combination of expertise, state-of-the-art machines, unrivalled lab testing and measurement, not to mention low-batch production.”
Precision Technologies began making master gauges predominantly for the motor industry and now has a leading position in the supply of gear and transmission components to the motorsport and aerospace industries.
Parkin and his team are determined to nurture and develop the UK skills base and find the very best talent in the industry.
This new deal should result in the creation of at least 15 new highly skilled jobs and he has exciting plans for developing a formalised apprentice training scheme working with Universities from his hometown of Sheffield and Birmingham, where PTI is based.