Engineering firm Weston sold for £54m
A FAMILY-owned Lancashire engineering company which makes parts for commercial aircraf, has been sold for £54m.
Colne-based Weston EU, whosew customers include Airbus, has been acquired by Herfordshire-based international group Senior.
Weston, which has a factory in Chonburi in Thailand, specialises in aluminium and hard metal structural parts as well as premium aircraft-seat structures, reported profist of £4.2m on sales of £42.5m in 2010.
Its largest customers are Rolls-Royce, Spirit Aerosystems (Europe) and Contour Aerospace.
More than 70% of Weston’s revenues for the first 10 months of 2011 was derived either directly or indirectly from Airbus.
Senior said with Airbus ramping up build rates the future prospects for Weston “appear highly encouraging”.
In the 10 months to the end of October 2011 Weston made £5m on sales of £45.4m.
The existing management team will continue to manage the business which will operate within Senior’s Aerospace Structures Division.
Mark Rollins, chief executive of Senior Group said: “I am very pleased to announce the acquisition of Weston and to welcome all of its employees to the Senior Group.
“Weston represents an excellent strategic addition to Senior’s Aerospace Structures Division, with Weston’s European and Asian locations, and predominantly Airbus exposure, providing an excellent complementary fit with the Structures Division’s existing North American, and largely Boeing, footprint.”
Weston, based in Foulridge near Colne, was founded in 1948 by Richard Sutton, father of Geoffrey Sutton MBE, Weston’s chief executive, and grandfather of Richard and Jim, the company’s managing director and co-director respectively.
