PTC Industries to acquire UK’s Trac Precision Solutions through 100% shareholding deal

PTC Industries Ltd, a manufacturer specialising in high-quality, high-precision metal components for critical and supercritical applications, on Saturday (October 19) said it has entered into a Share Purchase Agreement (SPA) to acquire 100% shareholding of Trac Precision Solutions Ltd (TSPL).

The deal was signed on October 18, 2024. Trac Precision Solutions is a UK-based company specialising in precision-engineered components for aviation, defence, and power generation markets.

As per the agreement, PTC Industries will acquire TSPL and its ultimate holding company, Trac Holdings Ltd, along with three other non-operating entities—Broomco (4266) Ltd and Trac Group Ltd. Upon completion, Trac Holdings will become a wholly owned subsidiary, while the other entities, including TSPL, will become step-down subsidiaries.

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“Pursuant to the completion of the proposed acquisition, Target Company 1 will become a wholly owned subsidiary and Target Company 2, Target Company 3 and Target Company 4 will become step-down wholly-owned subsidiaries of the company,” PTC Industries said.

The acquisition is subject to approval under the UK’s National Security and Investment Act 2021. “In terms of the aforesaid SPA the acquisition of Target Companies is subject to the necessary approval of the concerned authority of the United Kingdom under the National Security and Investment Act 2021,” it added.

In September this year, PTC Industries received a significant production order from BAE Systems for the supply of titanium castings for the M777 Howitzer.

In a filing to the stock exchanges, PTC Industries Limited said that it has secured a significant production order from BAE Systems for Titanium castings for the M777 Ultra-Lightweight Howitzer (ULH), including Spade Trails and Blades. These castings were developed over the past two years specifically for the M777 ULH.

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PTC Industries will manufacture intricate lightweight titanium castings for the 155mm M777 Ultra-Lightweight Howitzer at its advanced production facility in Lucknow, Uttar Pradesh.

On October 18, shares of PTC Industries Ltd ended at ₹12,942.00, down by ₹285.15, or 2.16% on the BSE.