US swoop for 100-year-old textile firm
A long-standing textile manufacturer has been bought by American company B&W Fiber Glass.
Based in Denton, The Multiple Winding Company has annual sales of nearly £7m and employs 45 people.
Managing director of Multiple Winding Chris Shaw is retiring after 45 years with the business, which has been a family concern for two generations.
The jobs of all 45 staff at the firm founded in 1916 have been secured.
B&W Fiber Glass, founded in 1991 and based in Shelby, North Carolina, produces and supports a wide range of reinforcement and textile products and operates in complementary markets to Multiple Winding.
The acquisition allows it to achieve its strategic ambition of gaining entry to European markets for highly specialised industrial textile yarns for a wide range of end uses in the electrical, aerospace and construction markets.
Mr Shaw said: “Deciding to finally retire was an incredibly difficult decision for me, and my family, to take, and it was extremely important to me that the company’s future (and that of my staff, all of who I highly value) was secured.
“I’m delighted with the outcome and for the staff and the business generally. The new owners are a major operation based in the US and were looking for a European outlet. I have every confidence they will drive this business forward.”
Brent Beason, president of B&W Fiber Glass, said: “Mr. Shaw has provided us with an incredible opportunity to take MWC forward into the next century of growth.
“It is rare to find an organisation in today’s age that shares our family-based values and vision. We welcome the 40-plus MWC team members along with their customers to the BWF family.”
Caroline Monk, partner at Manchester-based Beever and Struthers acted as lead adviser on behalf of Mr Shaw with support from head of corporate finance John Jones and other specialists at the firm.
Paul Basger a partner at Darbys Solicitors in Hale, assisted by Jenny Wall and Robin Fozard, advised Chris Shaw. Acting for the Purchaser were K&L Gates, London and the US.
