Engineering group offers new manufacturing technology blueprint with acquisition
Engineering Technology Group (ETG) has acquired HK Holdings and all of its subsidiaries from the Pexion Group.
The Wellesbourne-based company, is now able to offer its growing client base a single-source solution for CNC machining, wire EDM machines, 3D printing and additive manufacturing.
It said that the deal “is promising to transform the way manufacturers access the latest technologies”.
ETG celebrates its 25th birthday later this year and said the move was a reaction to industry’s growing appetite for new production techniques to make yet another acquisition.
It delivers highly productive turnkey solutions to customers involved in aerospace, automotive, high-value engineering, medical and oil and gas.
“3D printing, in particular, has gone through the ‘proving’ stage and is now seen as a viable way of manufacturing for sub-contractors and OEMs,” said Martin Doyle, Managing Director of ETG.
“As a result, the surge in sales in the marketplace is huge and expected to hit $14bn globally by the end of 2020.”
“We had two choices. Look to take on existing principals and agree new distribution agreements or purchase a company that is already established in the sector and can boast immediate access to world class brands and a whole host of technical expertise with their current staff.”
The Pexion Group, based in Chorley, is a key account for ETG, with multiple CNC machines installed across its group of companies.
Doyle said ETG knew it was reviewing how to develop HK Holdings so decided to approach it about the possibility of integrating it into the business.
Darren Turner, Co-owner of the Pexion Group, said: “The majority of our businesses are focused on manufacturing and this deal provides HK Holdings with a new parent that can really unlock its potential and technical expertise.
“It’s a good acquisition for both parties and gives us the opportunity to focus on our core manufacturing activities, whilst the additional funding generated will help us deliver our ambitious growth plans.”
The acquisition of Rugby-based HK Holdings gives it access to industry-leading brands in additive manufacturing, including 3D Systems and Markforged.