Senior Engineering sold its heat treatment business for £255m to Dutch engineering group Alberts Industries this week – another step in focusing on its core Flexonics business.
The division employs 400 people in the UK and Spain and provides services to the automotive, industrial and aerospace markets. It trades as Senior Heat Treatment in the UK and as Traitement Thermique Iberique in the rest of Europe. It made profits of £2.9m last year on turnover of £21.8m.
Chief executive Andrew Parrish said making the division a success would have meant building a pan-European set-up, calling for `substantial investment’.
`We had a serious pitch at expanding it but once we lost out with our bid to buy HIT in France, it was apparent that growing across Europe would be a long and expensive process,’ he added.
HIT was acquired by Bodycote for £60.7m last year.