£20m manufacturer snapped up by billion-pound Chinese firm
ROTHERHAM manufacturer Pyronix has been acquired by Chinese firm Hikvision.
The world’s biggest video surveillance manufacturer Hikvision has acquired Pyronix, an intrusion alarm manufacturer.
It employs around 200 people at its four sites, three in Rotherham and one in Berkshire.
Incorporated in 1986 by current chief executive, Julie Kenny CBE DL, the company now exports to more than 70 countries.
In its most recent accounts, Pyronix reported revenues of £20.6m, for the year to 31 December 2014, up from £18.0m the year before.
It returned pre-tax profits of £982,000, up from £611,000 in 2013.
Julie Kenny CBE DL, founder of Pyronix, said: “This acquisition represents a huge opportunity for Pyronix, Rotherham, and the region. The foreign direct investment that this will bring to the UK will be huge. Hikvision has big plans for the growth of Pyronix and the continued development globally.
“In the last 15 years Hikvision has demonstrated what can be achieved in the video surveillance market. With this guidance, Pyronix can achieve great things in the global market place.”
Jiang Feng Zhi, recently appointed chairman of Pyronix, commented on the acquisition: “These are exciting times for Pyronix and Hikvision as the two companies work together. Hikvision has plans for significant investment in the UK and particularly in its UK-based manufacturing, with plans to dramatically expand operations.
“We are delighted to welcome Pyronix to Hikvision group, and we look forward to growing the business through introduction of intruder alarm products to the global market.”
Sebastian Herrera, the chief executive officer of Pyronix said: “Hikvision and Pyronix combined know-how will bring new advancements and innovative products to the market, converging two security technologies in video surveillance and intrusion detection.”
Pyronix were advised by Matt Ainsworth and Michael Hall from the Corporate team at law firm Irwin Mitchell and PwC’s Paul Mankin and Stephen Pringle.
