Cutting tool manufacturer snaps up competitor
Sheffield cutting tool manufacturing group OSL Cutting Technologies has acquired one of its largest UK competitors, Universal Drilling and Cutting Equipment, also base in the steel city. The combination of the two businesses makes OSL one of the largest in the world in its market.
OSL Cutting Technologies was founded in 2015 and last reported pre-tax profits of £525,000 on a turnover of £9.4m. The company forms part of the wider OSL Group. The firm manufactures and distributes industrial hole cutting tools to a global market. The family of brands have a history dating back to the 1800’s and include Rotabroach, GJ Halls, Powerbor and Taylor & Jones. Over 60% over their business is into export markets.
Mathew Grey, Group Managing Director, said: “The acquisition of Universal Drilling further strengthens OSL Cutting Technologies’ position as a world class manufacturer of cutting tools. It makes us the biggest high-speed steel cutting tool manufacturer in the UK and puts us on par with the big worldwide manufacturers that we compete with. Universal has a fantastic reputation, nationally and internationally, and will allow us to grow our presence into a variety of markets.
“We firmly believe that Sheffield is extremely well placed to compete globally as a manufacturing city. We have a logistical advantage over Asia and North America when servicing the European market. Our history as a manufacturing city and specifically within cutting tools gives us access to a market skill set and a reputation that is difficult to beat. More recently the city is supporting investment into a digital landscape that will help us compete in an increasingly digitally oriented industry”.
Michael Bryan, founder and current Managing Director of Universal, added: “Having built the business since I was 24, I wanted to ensure that it goes to a good home. My ideal fit was a Sheffield based group that shares my passion and belief in British manufacturing. I’m excited to take the business forward with the new organisation and I am very confident in our future success as we begin to leverage our combined strengths.”
