Cavan-based Galetech expands northern presence with PGC acquisition
CAVAN-based renewable energy group Galetech is expanding its business presence in the north after acquiring the Precision Gear Company (PGC) near Toomebridge for around £1 million.
The heavy engineering operation had been owned by Co Antrim precast concrete company Macrete.
PGC specialises in the collection, maintenance and refurbishment of gearboxes in wind turbines.
The deal has created a new company, Optigear, which alongside sister firm Optinergy, will serve clients in the European and UK wind, rail, marine, and mining sectors.
Galetech has also announced a €5m investment in a new renewable component hub, which it said will be “the first of its kind in Ireland or the UK”.
Chief executive of the Galetech Group, Darren Sherry said: “In the short term Optigear will help customers to extend the lives of their critical components keeping wind turbines online for longer than would otherwise be possible.
“In the medium term our investment in new test facility will bring the quality to a level only seen with OEM’s (original equipment manufacturers) and not currently available on the island of Ireland – with the growth of turbine scale we see this research and test facility as a key element to reduce downtime for our customers.”
Richard Hogg, director of Macrete Ireland said:“Over the years we have grown PGC and we are proud of what we have achieved.
“This sale to Optinergy will allow us to return to our roots in the precast concrete sector.
“We are very familiar with Optinergy, and PGC’s offering will complement the company very well.”