MORE than 50 jobs have been saved with the acquisition of the engineering division of one of South Wales' longest-established businesses.
The business and employees of the engineering division of Cardiff-based Taylor & Sons, a structural and mechanical engineering specialist, have been acquired by Tema Engineering.
Alistair Wardell and Nigel Morrison of Grant Thornton, administrators of Taylor & Sons, have concluded the sale within a few days of being appointed.
Mr Wardell, director of recovery and Reorganisation at Grant Thornton's Cardiff office, said: "Taylor & Sons was one of Wales' longest-established companies with a track record of considerable success.
"However, the effect of the economic downturn had impacted considerably on group trading, which resulted in the appointment of administrators.
"Since our appointment we have identified major elements of the business which offer significant opportunities for the future.
"We have worked very hard to secure a purchaser for this part of Taylor and Sons' business and workforce and we are delighted that Tema Engineering has concluded the deal in a very short space of time.
"We are continuing to trade some other parts of the business on a limited basis while we identify and work with potential purchasers for the remaining parts of the company." The business and workforce of 52 of the engineering part of the business, has been taken over by Cardiff-based Tema Engineering, a subsidiary of long-established South Wales business Penarth Industrial Services.
The Taylor & Sons division specialises in bridges, river engineering, flood defences, marina gates, piers and jetties, listed structures, signal gantries and rail infrastructure.
It will be amalgamated with Tema Engineering, a specialist in the construction and installation of pressure vessels, tanks, pipework, and associated structural steelwork, which operates from a two-acre headquarters site in Coleridge Road, Cardiff.
The acquisition represents a significant opportunity for Tema to target new markets and offer much greater diversification of engineering products and services to its existing European customer base. It will trade as Tema.
Andrew Marinos, operations director of Tema Engineering, said: "While the engineering division of Taylor & Sons was unfortunately impacted by other elements of their business, it nevertheless remained a successful and well-respected structural specialist.
"It is an excellent fit with Tema and together the businesses will create a single concern with the financial strength, skills and customer base to create an enlarged and formidable concern." The acquisition follows a recent multi-million-pound investment in the Tema Engineering factory, including an expansion of the headquarters building to provide 26,000 sq ft of engineering and office space.
Mr Marinos added that while the company had witnessed the effects of the current economic downturn, Tema felt the Taylor & Sons deal presented an exciting opportunity.
He added: "Our board is committed to taking opportunities when they arise and we are very pleased to have completed this action in a very short space of time." Tema Engineering was advised in the acquisition by Geraint Rowe, of Gambit Corporate Finance, Cardiff, and Alan Whitely, of M& A Solicitors.
