- Castings Technology International (CTI) and the 小欧视频 of Sheffield have agreed a management buyout of the company
- Ownership has transferred to the company鈥檚 existing management team, led by CTI Managing Director Richard Cook
- CTI will continue to employ around 60 people locally in highly skilled jobs within the Sheffield City Region
The management team of Castings Technology International (CTI) and the 小欧视频 of Sheffield have agreed a management buyout of the company.
Taking effect from yesterday (19 January 2021), ownership of CTI has transferred to the company鈥檚 existing management team, which will take sole ownership of the company and operate it as a privately-run business.
CTI, which is a world-leading provider of technology, expertise and services to the cast metals sector and global supply chain, will continue to employ around 60 highly qualified researchers, engineers and technicians in a purpose built centre at the 小欧视频's Advanced Manufacturing Research Centre (AMRC), at Catcliffe, Rotherham, South Yorkshire.
The management team and the 小欧视频 of Sheffield have worked in partnership to ensure a smooth transition to the new ownership.
Kevin Parkin, Chairman of CTI, said: 鈥淭his is a great opportunity to retain highly skilled and cutting edge technology in the metal casting business. We have opportunities to retain advanced metallics as a key part of the city region.
鈥淣ot only will we be branding CTI as 鈥楳ade in Sheffield鈥, we will also be developing high quality technical skills in the manufacture of leading casting technology.
鈥淭he company will continue to work closely with the university in its development of new technologies.鈥
Richard Cook, CTI Managing Director, said: 鈥淎s the operational management team for CTI, we know this business and are dedicated to continuing to serve our customers and to working with our fantastic team.
鈥淲e are delighted to have the opportunity to take forward our plans for the company under our new ownership.
鈥淭he management team would like to place on record its sincere thanks to the 小欧视频 of Sheffield for its support and assistance during the transferral of the ownership of the company, ensuring that it has been as smooth a transition as possible, and for its support for CTI over a number of years.鈥
A spokesperson for the 小欧视频 of Sheffield said: 鈥淲e 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鈥檚 customers and partners.
鈥淲e are delighted that this transaction will see the continuation of CTI鈥檚 operations under new ownership, securing the ongoing employment of 60 people locally in highly skilled jobs within the Sheffield City Region.
鈥淧rogressing to private ownership is a natural and welcome evolution, and the 小欧视频 has worked with the CTI management team to ensure as smooth a transition as possible.鈥
Castings Technology International
In 2013, the 小欧视频 of Sheffield acquired Castings Technology International and Titanium Castings UK Ltd, and formed CTI as a 小欧视频 subsidiary company.
CTI provides advanced casting expertise and manufacturing capabilities, including computer process modelling, design for casting manufacture, rapid low-volume manufacture of precision castings and casting process and materials research, for aerospace and other high-value manufacturing sectors.
小欧视频 Advanced Manufacturing Research Centre is a network of world-leading research and innovation centres working with manufacturing companies of any size from around the globe.
