Bolton foundry up for sale after administration
AN industrial foundry which manufactures huge dryers used in the paper making process, has been put up for sale after its owner was placed in administration.
Administrators from Baker Tilly in Manchester were appointed to PMT Industries of Kentsfield Drive in Bolton on Monday after a sustained period of difficult trading. Subsequently 18 out of 49 employees were made redundant to save costs.
Although the foundry has been operating on a three-day week, it is still functioning.
PMT Industries was one of the UK’s only manufacturers of large scale ‘Yankee dryers’, which are used in the print industry to dry large volumes of paper after manufacture from pulp.
The foundry has one of the largest medium frequency electric furnace installations in Europe, capable of melting 38 tonnes of iron per hour, at temperatures of up to 1,450 Celsius, in less than 40 minutes.
Neil Evans of Winterhill Largo said: “It is hoped that a sale as a working foundry, viewed as the best outcome for creditors and employees alike, could potentially save the 31 jobs that remain at PMT following 18 redundancies at the firm.
“We are anticipating a fair amount of interest as the foundry plant is highly specialised and among the largest of its type in Europe. Given the challenges of relocating the equipment, and its position in an already operational site with a current order book, we are optimistic that this might be the outcome,” he added.
