CJR Propulsion announced the completion of an agreement to purchase all commercial assets and intellectual property from leading stainless steel fabricator, Oval Stainless. In addition, the agreement includes the transfer of all current employees – helping to secure the continued employment of Oval's existing, highly-skilled team.
The acquired assets and retained staff will form part of the newly established CJR Fabrication, bolstering the Hampshire based business' current product line-up, as well as provide new opportunities within the marine sector, as CJR's managing director Mark Russell explained, "Oval Stainless' assets are an excellent strategic fit for CJR and we are delighted to have finalized this significant acquisition in such a short space of time. The integration of Oval's intellectual property and physical assets instantly strengthens CJR's value proposition in the marine sector and enables us to bring the production of high quality deck gear and stainless stern-gear in house for the first time.
Russell added, "In the last five years CJR has made a conscious effort to diversify its offering and today we boast extensive experience in a wide range of consultancy services; in addition to our advanced manufacturing capabilities. The inclusion of Oval's assets continues to build on this strategy and significantly extends the value of CJR to boat builders across the marine sector. In turn, this helps consolidate our position as a highly valued and integral partner to some of the most prestigious names in the industry."
Oval Stainless currently specializes in producing stainless steel products for a wide range of applications within the commercial and domestic arena, including oval and round tube, bespoke furniture, interior and exterior design, as well as marine, tanks and architectural equipment.
Under the terms of the agreement, CJR Propulsion will pay an undisclosed cash sum for all assets, subject to typical closing conditions, with completion expected by the end of February 2014.