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Sheffield castings firm completes management buyout
Castings Technology International Ltd (CTI) is poised for significant growth following a management buyout from the University of Sheffield, which has concluded alongside fundraising to take the company to its next phase of growth.
CTI is a provider of manufacturing, technology, expertise and services to the cast metals sector and global supply chain. The company has completed a £2m fundraising, backed by Mercia Asset Management, via the Northern Powerhouse Investment Fund and Nucleus Commercial Finance, and at the same time has been spun off into the ownership of the management team.
A spokesperson for the University of Sheffield, said: “We would like to thank the employees and team at CTI for their dedication and support for the business over a number of years, as well as CTI’s customers and partners. We are delighted that this transaction will see the continuation of CTI’s operations under new ownership, securing the ongoing employment of 60 people locally in highly skilled jobs within the Sheffield City Region.
“Progressing to private ownership is a natural and welcome evolution, and the University has worked with the CTI management team to ensure as smooth a transition as possible.”
CTI has casting capabilities in almost any type of metal alloy and has a 1,200kg titanium vacuum melting capability, which ranks it as one of the largest in the world. In conjunction with customers’ design teams, CTI is casting complex components supplied into the aerospace, defence, chemical nuclear and marine markets.
The funding raised will allow the company to expand more rapidly by investment into further product development, alongside sales and marketing infrastructure and resource, to expand throughout its world-class manufacturing facility, which is based at the University of Sheffield Advanced Manufacturing Research Centre (AMRC).
Experienced engineer Richard Cook, managing director, and local entrepreneur Kevin Parkin, chairman, lead the management team.
Kevin Parkin said: “This is a unique opportunity to develop and grow this highly efficient manufacturing capability now that the equipment, processes and quality systems have been fully developed and accredited. Working alongside our AMRC neighbours, together with the superb research and development initiatives provided by the University, will give CTI an enviable position in the global supply chain. The facility will also allow the City Region to attract and retain highly skilled metallurgically based talent.”
Richard Cook added: “The operational management team of CTI intrinsically understand this business and are dedicated to continuing to serve our customers and to working with our fantastic team of experienced engineers. We are delighted to have the opportunity to take forward our plans for the company under our new ownership. The management team would like to place on record its sincere thanks to the University of Sheffield for its support and assistance during the transferral of the ownership of the company and its support for CTI over a number of years.”