More than 60 staff safe as West Bromwich engineering firm bought up
More than 60 staff at an engineering firm have been told their jobs are safe after a takeover by one of Sweden's biggest industrial groups.
Tentec Limited in West Bromwich, which specialises in the design and manufacture of specialist bolt-tightening equipment, has been acquired by Atlas Copco.
The price tag on the deal is not being revealed.
Atlas has said all 65 members of staff at the Guns Lane firm will retain their jobs.
Mark Selby, director of corporate finance at Midlands-based accountants Baldwins, acted for Tentec owner Adrian Pegler, who is to retire, and Mike Gethings, who will continue as managing director, on the sale of the business. Mr Gethings said he expected the acquisition to lead to further growth for the company.
"We will continue with business as usual by implementing a strong growth strategy while at the same time utilising Atlas Copco's sales and marketing channels along with its research and development organisation," he said.
"Tentec will be run as a business line within the General Industry division of Atlas Copco Industrial Technique, with a target of growing sales of hydraulic bolt tensioners.
"The acquisition means Atlas Copco completes its product portfolio of hydraulic bolting tools since we fit in strategically to meet demand from its customers for the products we design and manufacture."
