Tentec bought by Atlas Copco
By Fastener + Fixing Magazines , 2014-02-12 12:00:00
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The UK West Midlands manufacturer of hydraulic bolt tightening solutions was acquired by the Swedish industrial group early December.
Tentec manufactures bolt tightening equipment used in the oil and gas, power generation and mining sectors. The company’s 2012 turnover was GB￡9.8 million generating a pre-tax profit of GB￡300,000.
Owner Adrian Peglar retired on the sale of the business. Mike Gethings, who continues as managing director, expects the acquisition to lead to further growth for Tentec. All 65 employees at the company will retain their jobs. Tentec will operate as a business within the general industry division of Atlas Copco Industrial Technique.
Mark Selby, from the Baldwins accountancy practice which acted on behalf of the previous owner, said: "Tentec was founded in 1988 and has built up the business to sell its products in North and South America, Europe, Africa, Asia and Australia. It is an outstanding business which has out-performed the industry for more than a decade."
Atlas Copco is an industrial group with world leading positions in compressors, expanders and air treatment systems, construction and mining equipment, power tools and assembly systems. The company was founded in 1873, is based in Stockholm, Sweden, and has a global reach spanning more than 170 countries. In 2012, Atlas Copco had 39,800 employees and revenues of SEK 90.5 billion (10.5 billion euros)
