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Metalrax reorganises to focus on precision engineering

Story added 07 May 2009.

Manufacturing expert group Metalrax has announced it has sold a loss-making division of its company in order to focus its business for future growth.

Chief executive of the group Andrew Richardson stated that its BSC zinc and aluminium pressure die-casting business has been sold for £500,000 in a bid to focus on its major calling, the precision engineering industry.

The BSC organisation made a loss of £140,000 following poor trading which saw Metalrax take only £5.3 million in sales, with the proceeds from the business contributing to the reduction of debt and to fund a growth initiative, which may see further investment in CNC lathes and other machine tools.

The transaction marks another non-core asset which the company has parted ways with in the last few months, with Mr Richardson showing faith in the precision engineering industry as a future technology which will see wide demand.

In February, business secretary Lord Mandelson earmarked the sector as an area for necessary growth, labelling it as one of the future industries the UK must use to do well in the international market.

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