LTI METALTECH ACQUIRES VESSCO ENGINEERING
Abingdon-based pressure-vessel fabrication specialist LTi Metaltech acquires Bridgend-based Vessco Engineering Ltd
The award-winning fabrication business, LTi Metaltech, completed the acquisition recently, with the former owner of Vessco Engineering, Julian Vance-Daniel, remaining in the combined group in a senior Business Development role. LTI Metaltech were ably supported and advised throughout the acquisition process by Oxford-based Shaw Gibbs and Freeths.
The deal, worth £2.6m, will bolster the LTi Metaltech’s capabilities and facilitate access into a number of key sectors, including nuclear energy, oil and gas, utilities and food processing, having itself completed several prestigious projects including specialist fabrication assignments with Tokamak Energy & Reaction Engines.
Founded in 2006, Vessco Engineering Ltd is a Tier 2 supplier to the turbine hall at Hinkley Point C, supplying large pressure vessels for GE Power Systems. The company, which employs 40 people on the Bridgend Industrial Estate, also has experience in oil & gas, power generation as well as water supply.
German-owned LTi Metaltech is a major supplier to Siemens in the manufacture of pressure vessel components for its market leading MRI Scanners. Under the leadership and direction of its UK managing director, Edgar Rayner, LTi Metaltech has broadened the scope and market reach of the £23m business including the hydrogen technology and aerospace sectors.
The acquisition will enable LTi to accelerate its expansionary programme as it diversifies its portfolio whilst underpinning existing capabilities in medical technology.
Commenting on the acquisition, Edgar Rayner, said: “Vessco Engineering has built up a great reputation and we’ve had it on our radar for some time. We are obviously delighted to be able to bring it into the LTi family where our combined resources and capabilities will help to broaden and strengthen our offering in a range of important industry sectors.”
LTi Metaltech is based at Milton Park, Oxfordshire’s international business and science park, and has an award-winning reputation for design and innovation as well as for the quality of its premium fabrication services.
Vessco’s founder said: “To be incorporated into such a prestigious engineering business as LTi Metaltech is a huge compliment to the hard work, enterprise and innovation of our management team and workforce. LTi Metaltech is a business at the top of its game and the combination of our two operations is a terrific opportunity to extend our services and reach at a time when British innovation and engineering excellence is undergoing a real boon. I am delighted to be part of LTi’s future.”
Further information about LTi and Vessco Engineering’s precision fabrication expertise is available at:
About LTi Metaltech:
LTi Metaltech is a private limited company and part of the LTi Group of Companies, which was founded in 1969. LTi Metaltech specialises in the precision fabrication and welding of high-performance vessels and structures.
Formerly part of Siemens MR Magnet Technology, the company is the lead manufacturer of the cryogenic pressure vessels used in Siemens MRI Scanners and are recognised experts in high integrity welded structures capable of withstanding extreme pressure, vacuum and temperature differentials.
With an annual turnover of circa £23 million, LTi Metaltech employs around 100 people as one of the largest group of coded welders in the South East of England.