PTC Industries Ltd, a manufacturer specialising in high-quality, high-precision metal components for critical and supercritical applications, on Saturday (October 19) said it has entered into a Share Purchase Agreement (SPA) to acquire 100% shareholding of Trac Precision Solutions Ltd (TSPL).
The deal was signed on October 18, 2024. Trac Precision Solutions is a UK-based company specialising in precision-engineered components for aviation, defence, and power generation markets.
As per the agreement, PTC Industries will acquire TSPL and its ultimate holding company, Trac Holdings Ltd, along with three other non-operating entities—Broomco (4266) Ltd and Trac Group Ltd. Upon completion, Trac Holdings will become a wholly owned subsidiary, while the other entities, including TSPL, will become step-down subsidiaries.
"Pursuant to the completion of the proposed acquisition, Target Company 1 will become a wholly owned subsidiary and Target Company 2, Target Company 3 and Target Company 4 will become step-down wholly-owned subsidiaries of the company," PTC Industries said.
The acquisition is subject to approval under the UK's National Security and Investment Act 2021. "In terms of the aforesaid SPA the acquisition of Target Companies is subject to the necessary approval of the concerned authority of the United Kingdom under the National Security and Investment Act 2021," it added.
In September this year, PTC Industries received a significant production order from BAE Systems for the supply of titanium castings for the M777 Howitzer.
PTC Industries Receives Major Production Order from BAE Systems for Supply ofTitanium Castings for M777 Ultra-Lightweight Howitzer
Lucknow, Uttar Pradesh, 27 September, 2024: PTC Industries Limited, a leading manufacturer ofhigh-quality engineering metal components, is pleased to announce that it has received a significantproduction order from BAE Systems for the supply of Titanium castings for the M777 Ultra-LightweightHowitzer (ULH), including Spade Trails and Blades. These Titanium castings were developed by PTCIndustries for M777 ULH over the last two years. This order marks a major milestone in PTC Industriesongoing relationship with BAE Systems and underscores the company’s technological prowess to be ableto supply mission critical components for such advanced defence platforms.PTC Industries will produce complex lightweight Titanium castings for the 155mm M777 ULH at its stateof-the-art production facility in Lucknow, Uttar Pradesh. This partnership is a testimony to PTCIndustries capabilities in delivering high-precision components for critical defence applications.With a weight of about 4.2 MT, BAE Systems’ M777 ULH is the lightest towed howitzer gun that exists.This considerable weight reduction is achieved due to the extensive use of thin walled Titanium castingsin the structure of the artillery gun, allowing the M777 to be even be transportable by helicopter.The titanium castings produced by PTC Industries will form essential components of the M777 ULH, ahighly mobile artillery system known for its lightweight and superior performance. The productionprocess at PTC Industries has been developed and qualified to ensure long-term support for the M777s.PTC Industries advanced manufacturing capabilities and commitment to innovation make it a key partnerin the defence sector. This order from BAE Systems further solidifies PTC Industries position as a leaderin the production of high-quality titanium castings for critical applications.
In a filing to the stock exchanges, PTC Industries Limited said that it has secured a significant production order from BAE Systems for Titanium castings for the M777 Ultra-Lightweight Howitzer (ULH), including Spade Trails and Blades. These castings were developed over the past two years specifically for the M777 ULH.