Engineering firms join forces
ENGINEERING and fabrication company WEC Group has acquired a 50% stake in Preston-based commercial diving and hyperbaric product manufacturer Submarine Manufacturing & Products.
SMP will benefit from Darwen, Lancashire-headquartered WEC’s engineering knowhow and strong purchasing power to increase competitiveness and boost export prospects, the two companies say.
Already a key supply chain partner of SMP, WEC Group specialises in the fabrication and manufacture of a wide range of metal structures and welded assemblies including rail gantries, CCTV Structures, bus frames, armoured vehicles hulls, vacuum coolers, or pressure vessels to ASME standards to name but a few.
With the joint venture taking the group’s overall staff headcount to around 680, WEC will combine its engineering expertise with SMP’s to enable them to meet even the most demanding project requirements.
Steve Hartley and Wayne Wild, respectively managing director and group commercial director of WEC Group, have joined the board at SMP and will take an active role in the business to enable the new joint venture to realise its full potential.
Hartley said: “SMP and WEC Group have had a longstanding business relationship and there is a very good strategic fit between the two businesses.
“We are delighted to announce that the two companies have entered into a joint venture arrangement in which WEC Group will bring increased engineering and business expertise to SMP, paving the way to future growth and building on the foundations laid down by SMP over the last thirty years.
“I have been a personal friend of the Managing Director of SMP Phil Connolly for over 14 years and I’m excited at the prospects of what we can accomplish together.”
The new joint venture will enable both companies to achieve their high growth targets as well as opening the door to new opportunities.
Connolly, managing director of SMP said: “This is fantastic and exciting news for both businesses. It will facilitate support in key areas and enable realisation of the excellent sales opportunities that exist in our market. We are looking forward to a bright and healthy future for our combined business.”
