Price is right for engineering firm
A ROCHDALE-based company which makes a range of specialist lined pipes, fittings and valves has undergone a management buy-out.
Corrosion Resistant Products (CRP) has been sold to managing director Nigel Price by three co-founders who set up the business almost 30 years ago. The amount paid for the business has not been disclosed.
CRP makes and distributes pipes and fittings which are pre-coated with corrosion resistant-resins PTFE and PFA, better known as Teflon.
The equipment is used by major pharma companies to protect against chemical and pharmaceutical applications and it counts GlaxoSmithkline, Bayer, Dow Corning and Bayer Cropscience among its clients.
The business employs 50 people at its site in Littlebrough and has distributors in Ireland, Singapore and the USA. Accounts for 2009 show a small profit of sales of £5.9m.
Price said: “The buy-out has been key to preparing the business for the next stage of its evolution, allowing us to build on its past success and create a new structure to meet the challenges that face the UK manufacturing sector.”
The deal was funded by Yorkshire Bank, while the management team was advised by Livingstone Guarantee and Yorkshire-based law firm Gordons. Cobbetts and PKF advised the bank, while the exiting shareholders were advised by Schofield Sweeney.
Yorkshire Bank business partner Ross Lumsden said: “CRP’s world-class manufacturing competence and its problem solving ability have earned it an unrivalled reputation.”
