Bearings and sintering specialist Bowman International acquired most of the assets of former competitor Oilite Bearings Ltd, after the Ipswich-based manufacturer was placed into administration at the end of 2008.
The trade names, all stock valued at over £250,000, tooling and various other equipment have now been purchased from the administrator.
The acquisition strengthens Bowman’s position in the sintered component market and will greatly expand its exports. It has also increased stock holding to more than £1.75m, with the widest range of stock sintered bronze bearings in Europe.
2The purchase of Oilite has moved us into a bigger league and effectively doubles our turnover,” said Bowman managing director Paul Hancock. “It means we can offer customers an even better service and an even wider range of components.”
The former managing director of the Ipswich company, Paul Mitchell joined Bowman as technical director, further strengthening the technical back up provided to customers.