The management team of Castings Technology International (CTI) and the University of Sheffield have agreed a management buyout of the company.
Ownership of CTI has transferred to the company’s existing management team, which will take sole ownership of the company and operate it as a privately-run business.
CTI, which is a provider of technology, expertise and services to the cast metals sector and global supply chain, will continue to employ around 60 researchers, engineers and technicians in a purpose built centre at the University’s Advanced Manufacturing Research Centre (AMRC), at Catcliffe, Rotherham.
Kevin Parkin, Chairman of CTI, said: “This is a great opportunity to retain highly skilled and cutting edge technology in the metal casting business. We have opportunities to retain advanced metallics as a key part of the city region.
“Not only will we be branding CTI as ‘Made in Sheffield’, we will also be developing high quality technical skills in the manufacture of leading casting technology. The company will continue to work closely with the university in its development of new technologies.”
Richard Cook, CTI Managing Director, said: “As the operational management team for CTI, we know this business and are dedicated to continuing to serve our customers and to working with our fantastic team. We are delighted to have the opportunity to take forward our plans for the company under our new ownership.
“The management team would like to place on record its sincere thanks to the University of Sheffield for its support and assistance during the transferral of the ownership of the company, ensuring that it has been as smooth a transition as possible, and for its support for CTI over a number of years.”
A spokesperson for the University of Sheffield said: “We would like to thank the employees and team at CTI for their dedication and support for the business over a number of years, as well as CTI’s customers and partners.
“We are delighted that this transaction will see the continuation of CTI’s operations under new ownership, securing the ongoing employment of 60 people locally in highly skilled jobs within the Sheffield City Region.
“Progressing to private ownership is a natural and welcome evolution, and the University has worked with the CTI management team to ensure as smooth a transition as possible.”
In 2013, the University of Sheffield acquired Castings Technology International and Titanium Castings UK Ltd, and formed CTI as a University subsidiary company.