Bearings and sintering specialist Bowman International has acquired most of the assets of its former competitor Oilite Bearings Ltd. This was after Oilite Bearings was placed into administration at the end of 2008. The trade names, all stock valued at over £250,000, tooling and various other equipment have been purchased from the administrator.
Bowman says this acquisition strengthens its position in the market for sintered components and will greatly expand its exports. It has also increased stock holding to more than £1.75m, with what is claimed to be the widest range of stock sintered bronze bearings in Europe.
Paul Hancock, managing director of Bowman International, comments: "The purchase of Oilite has moved us into a bigger league and effectively doubles our turnover. It means we can offer customers an even better service and an even wider range of components."
The former managing director of Oilite, Paul Mitchell, has joined Bowman as technical director, further strengthening the technical back up provided to customers.
Oilite Bearings had manufactured self-lubricating bearings and sintered components for more than 70 years. For many years it was part of Manganese Bronze Holdings. In 2003 the components division was sold to BSA Holdings, which went into administration in 2006, and Oilite Bearings became independent following after a management buyout.
