CQME acquires the subsidiary businesses of Precision Technologies Group

The operating businesses that have transferred into CQME's ownership are: Holroyd Precision, Precision Components, PTG Heavy Industries (Binns & Berry and Crawford Swift brands), PTG Advanced Developments, Milnrow Investments and PTG Deutschland GmbH. CQME is a large Chinese industrial group listed on the Hong Kong Stock exchange. The combined group will continue to invest in and develop the technology, intellectual property and 'know-how' of the UK businesses. Existing manufacturing facilities, services and supply chains in the UK will be maintained and developed. All staff of the UK companies have been transferred to the new group. CQME's views this acquisition as a significant statement of intent in its aim to establish a strong foothold in international markets. The board of directors says it is "very excited" by the opportunities that this acquisition brings to the UK and Chinese businesses, and is confident that it will create a combined company with all the strength and advantages necessary to compete with major machine tool and component manufacturers worldwide.