Posted to News on 26th Jan 2009, 12:03
Precision Technologies Group
Precision Technologies Group Ltd (PTG) is announcing that Stephen Lord has been appointed to the position of CEO, having been brought into the organisation initially to oversee the creation of the new heavy industries-focused J&S Remanufacture operation. Stephen takes the place of former CEO Mark Franckel who, although he is taking up a new appointment outside the group, will remain in an advisory role to provide support to PTG on strategy and acquisitions. Dr Tony Bannan is appointed Group Chief Operating Officer (COO), having previously worked as Managing Director of PTG's machine tools businesses, which includes Jones & Shipman, Holroyd, Binns & Berry and Crawford Swift. Both appointments were confirmed on 10 November 2008. Mark Merryweather, who has been an active non-executive director since the group's formation, will become PTG's CFO from 1 January 2009.
Stephen Lord says: "There is strength and synergy about this team and the new management structure. Mark Merryweather, who has already been instrumental in PTG's turnaround and refinancing, is the natural choice for CFO. Dr Tony Bannan has an exceptional knowledge of the industry and its markets, coupled with a detailed appreciation of the operational, engineering and sales sides of the business. In combination with my own business experience as a CEO successfully developing and exploiting the market potential of well-known brand name companies outside of this sphere, we can bring a strength and dynamism to the organisation that is needed to take it forward and secure a successful future in these changing market conditions."
In a stark contrast to the present recessionary market trend, Precision Technologies Group is reporting a marked business increase with high-value sales orders for its component manufacture, capital machines and consultancy businesses. PTG manufacturing, sales expertise, consultancy and technical support services now span the globe with sites in Europe, Central Eastern Europe, India, the USA and Asia.
Confidence in the well-established and recognised UK machine tool brands is also high as a result of PTG's ownership and investment strength. The focus of the group provides increased operational efficiency and shared resource opportunities, which seems to be bolstering foreign market confidence in the brands, particularly those purchased recently.
Newly appointed COO Dr Tony Bannan attributes the surge in business interest to a strengthening of the brand focus since acquisition by the group and the investment in moving the businesses forward: "We are working with many new customers at our production sites across Europe, and I have personally been extremely pleased to hear visitors comment on the security they now feel in the organisation and in the value they place in market leading innovation, product development and first-class customer service."
Commenting on the announcements, PTG Chairman Adrian de Ferranti says: "PTG's business in these difficult times has remained strong due to the positioning of our products and brands for over 100 years. To take advantage of this situation, I am delighted to be in the position to strengthen our executive team, whose experience and expertise will enhance our lead position in our markets around the world."
