The assets and goodwill of Newburgh Precision Engineering, which went into administration this week, have been purchased by a new company, Vector X-Cel Ltd, which is 51% owned by X-Cel Superturn Ltd and 49% owned by the Newburgh management team.
The new management team at Vector X-Cel will be Andrew Taylor, Chairman (and owner of the X-Cel Group); David Greenan, Managing Director; Lee Townsend, Sales Director; Chris Staves, Financial Director; and Neil Booth, Production Director.
Andrew Taylor said: “I’m delighted to be involved with Newburgh, they have an unrivalled reputation for engineering expertise and will complement the X-Cel group. We have exciting plans to invest heavily in the business.”
David Greenan added, “Myself and the Newburgh Precision team are excited to be working in partnership with Andrew and X-Cel Superturn. We believe the wealth of skills, knowledge and experience contained in the businesses will bring huge benefits to both. We look forward to building a bright future."
X-Cel Superturn Ltd and Newburgh Precision Ltd are both manufacturers of high precision machined components and assemblies, supplying into a number of industries to include oil & gas, nuclear & defence, power generation, aerospace and construction industries.