One of the region’s best-known industrialists is part of a group which stepped in to buy Hampson Industries’ loss-making automotive arm in a £2.5 million deal.
David Grove is one the high-net worth individuals who acquired Hampson Precision Automotive as part of a consortium of investors, with fellow Grove Industries director Les Litwinowicz also among the group.
Mr Grove is the force behind Grove Industries, which holds a portfolio of nine businesses with total sales in excess of £300 million and around 1,750 employees.
He is also the man credited with leading the recovery of West Midland engineering group Hill & Smith.
Brierley Hill-based Hampson Industries sold the automotive company, based in the North West, as part of its drive to focus on its core aerospace sector.
Hampson Precision Automotive’s India operation was not included in the deal and will be retained by Hampson to provide a low-cost manufacturing capability to support its aerospace businesses.
Hampson Industries chairman Chris Geoghegan said: “The disposal of our automotive turbocharger business reflects the successful conclusion of our strategic initiative to dispose of non-core assets, to streamline our business portfolio and to transform Hampson into a pure international aerospace group.
“Completion of this transaction follows successful internal management actions to restructure and improve HPAL’s performance following extremely challenging recent conditions in global automotive markets.
“It will enable us to focus exclusively on building on our existing strong market positions in aerospace and exploiting the organic growth opportunities that we expect to arise from the increasing use of light weight, carbon composite structures in aero engine and airframe applications going forward.”