Defence firm undergoes an MBO
William Cook Defence Limited (WCD), the military parts manufacturer, and its subsidiary have been taken over in a management buy-out (MBO).
The buyout of WCD and its subsidiary William Cook Intermodal (WCI) from William Cook Holdings, was backed by the Bank of Scotland who provided debt and equity funding.
WCD, founded in the nineteenth century, is an internationally recognised designer and manufacturer of track and running gear for armoured fighting vehicles.
The product range of WCD and WCI also includes castings for the mining, construction and multi-terrain transport market.
The businesses have an annual turnover of approximately £30 million and 230 employees at its manufacturing site at Stanhope in County Durham. The company has also recently taken on 20 new employees.
Phil Kite, managing director of WCD said: “This is an ideal opportunity for the management team to build on the success of the past.
“WCD has recently won two major export contracts and will be focussing its efforts on expanding the number of countries in which it conducts business.
“The long term strategy for the business, which includes the adoption of lean manufacturing principles, will provide all employees with an opportunity to contribute to its success.”
© Crimson Business Ltd 2006