Buyout to open up new sectors for Greenbank
PLANS by a Derbyshire engineering firm to diversify have taken a big step forward after it completed a deal for another business.
Greenbank Group, which is based in Woodville, has announced a buyout of Franklyn Yates Engineering, in Burton, for an undisclosed sum.
The deal also includes the firm’s manufacturing facilities at Connah’s Quay in Flintshire, which is now set to complement Greenbank’s existing manufacturing facilities in Derbyshire and Creswell, in Nottinghamshire.
While the deal opens up new industrial sectors for Greenbank, the two firms continuing to operate independently.
Charles Conroy, managing director at Greenbank, said: “Over the past decade, the group has invested heavily in diversification as one of our traditional markets, the coalfired power generation sector, has contracted.
Greenbank Group supplies engineering solutions to a range of industries (Image: Greenbank)
“Franklyn Yates already has a proven track record as a key supplier to companies working in the clean water and sewage treatment, energy from waste, clinical waste incineration and biomass industries.
“These are industrial sectors Greenbank has identified as key markets for our extensive range of products and services that have proved so effective in power plants across the globe. The addition of Franklyn Yates to our company portfolio opens up a host of new opportunities as there’s fantastic synergy between the two business.”
The buyout of Franklyn Yates will open up new markets for Greenbank (Image: Greenbank) The deal brings the total number of people employed across the group to around 130.
David Yates, managing director of Franklyn Yates, who will remain in post, said: “Day-to-day operations at Connah’s Quay will continue as normal but there’ll be even more career opportunities for our employees as part of a larger group.
“Our customers will also benefit from a much broader range of products, services and expertise.
“As a result, we expect our turnover to increase significantly as we continue to exceed the expectations of our clients.”