The agreement was signed on October 18, 2024. Trac Precision Solutions is a UK-based company specializing in precision engineered components for the aviation, defense and power generation markets.
Under the deal, 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.
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“Upon 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 wholly owned subsidiaries of the company,” PTC Industries said.
The acquisition is subject to approval under the UK National Security and Investment Act 2021. “In terms of the aforementioned SPA, the acquisition of the target companies is subject to the necessary approval from the relevant UK authority under the National Security and Investment Law of 2021. “, he added.
In September this year, PTC Industries received a major production order from BAE Systems to supply titanium castings for the M777 howitzer.
In a filing to stock exchanges, PTC Industries Limited said it has secured a major production order from BAE Systems for titanium castings for the M777 Ultra Light Howitzer (ULH), including Spade Trails and Blades. These castings were developed over the last two years specifically for the M777 ULH.
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PTC Industries will manufacture intricate lightweight titanium castings for the M777 155mm Ultralight Howitzer at its advanced production facility in Lucknow, Uttar Pradesh.
On October 18, shares of PTC Industries Ltd ended at ₹12,942.00, down ₹285.15, or 2.16% on the BSE.
First published: October 19, 2024 15:04 IS
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