Jobs saved in Milton Keynes after US buyout

Posted on 31 Mar 2016 by Victoria Fitzgerald

Milton Keynes-based CVT Limited has retained 30 jobs following a buyout by US company MDC Vacuum.

The deal between the specialist design and manufacturing firm and MDC Vacuum, part of the MDC LLC group based in California, was administrated by accountancy and consultancy firm Moore Stephens.

CVT Ltd is a long established designer and manufacturer of specialist ultra-high vacuum vessels and precision mechanisms. The company operates from a 20,000 sq. ft. factory in Milton Keynes.

MDC Vacuum Products LLC, based in Hayward, California, was founded in 1975 and is a provider of high vacuum and ultra-high vacuum vessels, ceramic-to-metal bonding and gas delivery.

Moore Stephens said there had been several interested parties in the purchase of CVT. The pre-packaged sale to MDC was finalised in January.

Michael Finch, partner, Restructuring & Insolvency at Moore Stephens says: “We wish the business and its purchaser every success going forward. The conclusion of this sale was not without its challenges and was concluded after several weeks of negotiations with various parties.

“The sale successfully preserved a long established local business that had been operating in Milton Keynes for almost 40 years, as well as preserving of the jobs of its 30 employees.”

Roger Cockroft, director of MDC Vacuum, commented: “It’s exciting times here at MDC; we’re investing in the latest technology and tools, expanding our capabilities and skill sets, and kicking off a global focus on continual innovation.”