Parker Precision expands its portfolio through acquisitions

Parker Precision has expanded its services by acquiring Capston funds

The engineering firm from Black Country has expanded its portfolio of services after buying key assets from another local company.

Bilston-based Parker Precision has acquired the Capston Precision Grinding Department, formerly based in Aldridge.

The contract will protect the jobs of eight existing employees in the department and see that the business will move its operations to the recently expanded Parker Precision manufacturing site.

An extension has been built on the construction site at Vulcan Road that will now be used as the new home of the precision grinding department.

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Parker Precision was founded in 1952 and specializes in the precision manufacturing of components, while Capston, founded in 1916, offers soldering furnace services under contract.

The acquisition will complement the customer’s existing components business and enable it to offer more services to its customers in the aerospace, petrochemical and defense industries.

The contract will also allow it to expand into new sectors, including motorsport, pharmaceutical engineering and food packaging.

Parker Precision said it hopes the acquisition, combined with a return to demand after the coronavirus pandemic, will help increase traffic by as much as two-thirds next year compared to 2020.

It also plans to increase the team of 33 employees, which includes one intern, with at least two new staff members.

The purchase of Capston’s assets and the expansion of the factory were made possible by a new undisclosed financing agreement with Lloyds Bank.

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Parker owner and CEO Marc Corns said: “The Capstone precision milling department is well established and a major player in the industry.

“The combination of our expertise will strengthen both businesses and improve the products and services we can offer to our existing customers, as well as bringing in new clients.

“The Lloyds Bank team has been with us as we have continued to grow in recent years and has helped us keep abreast of our latest developments, even in the difficult conditions we faced during the pandemic.

Claire Carr, relations manager at Lloyds Bank, added: “Parker Precision has a growing reputation in the region and beyond, and their acquisition of Capston’s Precision Grinding Department will not only help them grow further, but will also protect a range of businesses in the region. .

“I know their ambition is to create even more jobs in the future that will boost the local economy and we will support them for as long as they want.”

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