A West Bromwich-based company specialising in the design and manufacture of bolt-tightening equipment has been acquired by a global industrial group.
Tentec, which employs 65 and has annual revenues of £10m, has been acquired by Atlas Copco – one of Sweden’s largest industrial companies and a leading supplier of sustainable productivity solutions within compressors, construction and mining equipment, industrial tools and assembly systems.
All existing jobs are set to be retained by the company, which designs, manufactures and markets bolt tightening and tensioning products for use in the global oil and gas, power generation, wind power and mining industries.
Tentec managing director Mike Gethings said he expected the acquisition to lead to further growth for the company.
“We will continue with business as usual by implementing a strong growth strategy while at the same time utilising Atlas Copco’s sales and marketing channels along with its research and development organisation,” he said.
He added: “We will further develop products to meet the after-market opportunities available within an industry in which we are extremely well established and the Tentec brand will be kept.”
Mark Selby, director of corporate finance at Midlands-based Baldwins accountants, which acted for retiring owner Adrian Pegler, said the acquisition marked a new era for Tentec.
“Tentec will be able to benefit from Atlas Copco’s global sales, distribution, service and maintenance network which can only lead to future growth in a specialised sector,” he said.