Lincolnshire-based, family business Hexadex Group, has acquired Hooton Engineering Ltd – a steel fabrication business, also based in Gainsborough, from October 1st.
The purchase forms part of Hexadex’s expansion plans and enable the group to diversify into new markets such as the food industry.
Hooton had been looking for a new buyer that would be able to provide the company with the financial stability and the additional resources it needed to grow the business for the future.
The Hexadex Group can trace its origins back to 1978 when Eminox Ltd. was founded. Today Eminox has grown to become one of the largest companies in Gainsborough, with a strong international reputation.
The Group also owns Ceramex Ltd., based in Slough, and Teconnex Ltd., based in Keighley. All three business have spread geographically and operate outside the UK in Europe, North America and the Far East. They concentrate primarily on the automotive sector.
The financial and organisational strength of the Hexadex Group, together with its broad base of manufacturing expertise and geographic spread, allows Hooton to further develop new products and markets, whilst servicing its existing loyal customer base. Hooton has huge growth potential in new markets for Hexadex, such as pharmaceutical and other process industries. The current levels of business at Hooton secures jobs and the opportunities for growth create a very favourable outlook for the future.
The new acquisition provides opportunities to share services, training and expertise between Eminox and Hooton as their sites are next door to one another on Corringham Road Industrial Estate and some skills are transferable.
Will Milles, Executive Chairman of Hexadex, said: “The acquisition of Hooton Engineering Ltd, forms part of the group’s strategy to develop new markets outside Hexadex’s automotive focus.
“There is a complementary fit of skills and we believe the extra size and strength of the group will allow Hooton to capitalise on, and exploit, the large number of opportunities that are emerging in its traditional markets.
“We are absolutely committed to the Gainsborough area and believe this move will benefit both sets of our employees and the local economy.”