GMET Engineering has announced the acquisition of Cumbrian-based precision heavy engineering company, TSP Engineering, from the Chinese Jingye Group.
Bob Mawson, CEO of GMET, confirmed that GMET has not just acquired a high class engineering capability but also a management team that are second to none and confirmed that John Coughlan, CEO of TSP Engineering, will remain in charge of the future direction of TSP Engineering, whilst also joining the board of GMET Engineering.
GMET will benefit from the current management team at TSP, which it will support with continued growth and build on the plans it has in place. The strategy is to further develop TSP Engineering to build back post-pandemic, to utilise the UK’s reservoir of innovation, engineering, manufacture and export equipment for advanced clean technology sectors including advanced reactors and hydrogen, and to support the UK’s defence needs.
Bill Roberts, CFO of GMET, stated that the change in ownership marks a significant development for TSP Engineering and GMET, whilst giving TSP Engineering independence to innovate and grow and the required security to support its Nuclear and Defence customers. This will provide TSP with operational growth to support the UK’s Defence and New Nuclear technologies.
Mr Roberts also confirmed that TSP Engineering will become a strategic partner to GMET to support the development of small nuclear reactors and be available to work with its current/potential customers. With that in mind, GMET and TSP Engineering projects will significantly contribute towards reducing global warming.
Mr Roberts believes there are exciting times ahead for TSP Engineering and this acquisition will provide an opportunity to work with GMET on others projects, which in turn will expand the TSP workforce. He adds: “We believe this is an exciting time for Cumbria and the UK with the plans for AMR production. We would like to thank Jingye and British Steel for providing support during the acquisition process and we look forward to working with them in the future as part of their supply chain.”