Altec Engineering Add Quick Hydraulics To The Group
Date Added 22/10/2015
We are delighted to announce that Altec has acquired leading hydraulic engineering business Quick Hydraulics. The company has been bought out of administration and the jobs of 19 employees saved in this deal.
Altec CEO Alastair Waite said: "We were attracted by the excellent reputation of Quick Hydraulics in the market place and the expertise of the team in delivering high quality hydraulic systems and solutions. "It was an obvious fit to widen the Altec Group capabilities and reach."
Andrew Esson will continue as Managing Director of North Shields-based Quick, which counts SMD, Siemens, Baker Hughes and EDF Energy amongst its clients. He said: "We have been through a very challenging 12 months due particularly to the downturn in the oil and gas sector. "Many of the projects we had hoped to land were either subject to delays or cancelled altogether and it was clear that we would have to restructure the business. I am delighted that Quick has become part of the larger Altec Engineering Group."
Altec now employs more than 150 people and is the fastest-growing sub-contract precision engineering company in the North East.