Avingtrans PLC Booth Industries Reincorporates

TIDMAVG

Avingtrans PLC

02 June 2021

2 June 2021

Avingtrans plc

("Avingtrans" or the "Company")

Booth Industries Reincorporates for International Future

Avingtrans plc, which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors, is pleased to announce that Booth Industries has reincorporated as Booth Industries International Ltd (Booth Industries) and has become a standalone company, independent of its current parent company Stainless Metalcraft, from 1 June 2021.

The move follows a remarkable turnaround at Booth Industries that has seen the Nelson-Street based manufacturer exceed all internally set performance targets since it was acquired out of administration in 2019.

The reincorporation and international focus do not mean Booth Industries is moving away from its Bolton roots, but reflects its capability to provide specialist solutions to customers around the world. As part of its wider investment programme, the business has recently laid the foundations for a new state-of-the-art manufacturing facility at its Nelson-Street site, that will bring its overall UK capacity to 6,400m2. As well as expanding its specialist manufacturing floor space, the new development - which is due to open later this year - will see investment in new materials handling equipment, Factory Acceptance Testing (FAT) facilities and improved site welfare.

Booth Industries will remain part of Avingtrans PLC's Process Equipment and Rotating Solutions (PSRE) division.

Mike Jenkinson, Managing Director at Booth Industries, said : "This is a landmark moment for the business and one I'm tremendously proud we are able to move forward with.

"Historically, Booth Industries enjoyed an international reputation as a leading supplier of performance-certified, specialist doors and walls but it experienced difficult times prior to its acquisition by Stainless Metalcraft. The whole team has worked tremendously hard since that time to understand the strengths and weaknesses of the business, investing time and resources to update our systems and hone our strategy, to focus on areas of genuine strength and opportunity.

"We believe we now have a world-leading offer and, with strong financial and operational foundations firmly established, we are well placed to make the most of these opportunities around the world. The reincorporation and resultant rebrand reflects our revised, international focus and, by operating as a wholly-independent business unit, we can focus fully on taking the business to the next level."

Austen Adams, Managing Director of Avingtrans' PRSE division, added : "Since we acquired the business in 2019, the Booth team has worked tirelessly to turn the business around, re-building confidence in key sectors and securing (as previously disclosed) over GBP70 million of orders, including major contracts with Crossrail, HS2 and other critical national infrastructure projects.

"Having made such progress and invested in new systems that will enable the business to operate more efficiently, we believe the time is right to reincorporate and reposition the business, to continue along its growth trajectory as an independent entity with a global capability."

Enquiries:

 
Avingtrans plc                             01354 692391 
Roger McDowell, Chairman 
 Steve McQuillan, Chief Executive Officer Stephen King, 
 Chief Financial Officer 
N+1 Singer (Nominated Adviser)             02074 963000 
Shaun Dobson/Alex Bond (Corporate Finance) 
 Rachel Hayes (Corporate Broking) 
SEC Newgate (Financial PR)                 02076 539850 
Adam Lloyd/ Tom Carnegie 
 

About Avingtrans plc:

Avingtrans designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy, medical and industrial markets worldwide.

Business units

 
Hayward Tyler - Luton & East Kilbride, UK and USA, China and India 
 Specialises in the design, manufacture and servicing of performance-critical 
 motors and pumps for challenging environments. 
 Energy Steel, Inc - Lapeer, Michigan, USA 
 Provider of custom fabrications for the nuclear industry, specialising in: 
 OEM parts obsolescence; custom fabrications; engineering design solutions; 
 product refurbishment; on-site technical support. 
 Stainless Metalcraft Ltd - Chatteris, UK and Chengdu, China 
 Provider of safety-critical equipment for the energy, medical, science and 
 research communities, worldwide, specialising in precision pressure and 
 vacuum vessels and associated fabrications, sub-assemblies and systems. 
 Booth Industries - Bolton, UK 
 Designs, manufactures, installs and services doors and walls which can be 
 tailored to be: blast &explosion proof; fireproof; acoustically shielded; 
 high security/safety; or combinations of the above 
 Ormandy Group, Bradford, UK 
 Design, manufacturers and servicing of off-site plant, heat exchangers and 
 other HVAC (heating, ventilation and air conditioning) products 
 
 Composite Products Ltd - Buckingham, UK 
 Centre for composite technology, parts and assemblies, serving customers 
 in industrial markets. 
 Scientific Magnetics - Abingdon, UK 
 Designs and manufactures superconducting magnet systems and associated cryogenics 
 for a variety of markets including MRI and provides services for Nuclear 
 Magnetic Resonance instruments. 
 Tecmag Inc, Houston, USA 
 Designs, manufactures and installs instrumentation, including consoles, 
 system upgrades, and probes, mainly for Magnetic Resonance Imaging (MRI) 
 and Nuclear Magnetic Resonance (NMR) systems. 
 Magnetica Ltd - Brisbane, Australia 
 Magnetica Limited specialises in the development of next generation MRI 
 technologies, including dedicated extremity MRI systems and MRI system components. 
 Magnetica has remained at the forefront of MRI systems technology, successfully 
 designing and commercialising a 1.5 Tesla extremity MRI superconducting 
 magnet that is now the heart of over two hundred MRI systems world-wide. 
 Magnetica has successfully built and tested a compact, integrated 3 Tesla 
 orthopaedic MRI system, demonstrating clinical-quality imaging. Commercialisation 
 of this system (and others) is on-going. 
 

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June 02, 2021 02:00 ET (06:00 GMT)