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UK - Newby Foundries acquires Gabriel
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Wednesbury based shell casting company, Newby Foundries, has acquired steel foundry, Gabriel & Co, which went in to administration on 6 November 2012.
Newby has acquired the company since agreeing to pay a total of £400,000 for the business and its assets, says Insider Media.
Ian Gould and Eddie Kerr of accountancy firm and business adviser, PFK, were appointed as joint administrators of Gabriel after the company suffered a sudden decrease in orders last year.
Terry Golden, business development manager, Newby Foundries, told Engineering Capacity: “We acquired Gabriel & Co just before Christmas and have renamed the company – it is now called Newby Foundries Ltd (Steel Casting division). We have essentially taken over Gabriel because of its involvement in the manufacturing of steel castings.”
He added: “We have taken over the premises, deployed a number of managers to the original site and retained some of Gabriel’s workforce. As we move along, we will be working with its existing accounts and customers and will introduce some of Newby’s original customers to the steel castings market with the hope of enhancing the development of Newby Foundries. So it’s an exciting time for us but is also a major learning curve.”
Gabriel, which apparently had a turnover of around £3m, was founded in 1884.
Source: Engineering Capacity
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