Precision Technologies Group

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Precision Technologies Group
Type Private
Industry Precision Machine Tools
Founded 1861
Headquarters Milnrow, Greater Manchester
Key people Dr Tony Bannan, CEO
Revenue £26m (2012)
Employees 225 (2012)
Website holroyd.com

Precision Technologies Group or PTG is privately owned British machine tool producer with their headquarters located in Milnrow, Greater Manchester. The Group was set up in 2006 with the aim of bringing together a group of British machine tool and component manufacturers. Precision Technologies Group employs over 225 people, 175 of which are based in Rochdale. PTG recorded revenues of approximately £26m GBP in 2012.

History[edit]

In 1861, John Holroyd founded the Holroyd company in Hulme, Manchester. He worked with Joseph Whitworth - a famous engineer known for his standardisation of 'British Standard Whitworth' screw threads. Joseph Whitworth's nephew Joshua became a director of Holroyd, and helped establish the company as a manufacturer of many types of machine tools and textile equipment.

CQME Takeover[edit]

In June 2010, Precision Technologies Group was acquired by Chongqing Machinery and Electric Co. Ltd. (CQME) in a £20m takeover.[1] CQME is listed on the Hong Kong stock exchange and operates in four main segments: vehicle parts and components, power equipment, CNC machine tools and general machinery.

The deal involved the sale of Holroyd Precision, Precision Components, PTG Heavy Industries, Milnrow Investments, PTG Advanced Developments and PTG Deutschland which all became subsidiaries of CQME.[2]

On the 19th October 2012, Holroyd Precision received £2.8 million in government funding through the Regional Growth Fund to finance the development of a manufacturing facility and a European development and innovation centre, creating 137 new positions at the company.[3]

The company's new European Headquarters and Research & Development Centre will also be built in Rochdale, firmly cementing Holroyd's future as a machine tool manufacturer based in the North West of England.[4]

References[edit]

  1. ^ "£20M China deal to take over firm". Manchester Evening News. 20 March 2010. Retrieved 2013-06-14. 
  2. ^ "PTG's Holroyd Precision and more sold to Chinese company". Machinery. 11 March 2010. Retrieved 2013-06-14. 
  3. ^ "Holroyd Precision set to receive 2.8m in government funding". The Engineer. 2 November 2012. Retrieved 2013-06-14. 
  4. ^ "'World-beating' Holroyd to build new European headquarters in Rochdale". Rochdale Online. 19 October 2012. Retrieved 2013-06-14. 

External links[edit]