The board of PTG announces the proposed sale, subject to Chinese government approval, of a number of its subsidiary businesses to Chongqing Machinery and Electric (CQME) a large Chinese industrial group listed on the Hong Kong Stock exchange. The operating businesses that will transfer into CQME's ownership are Holroyd Precision Ltd, Precision Components Ltd, PTG Heavy Industries Ltd (Binns & Berry and Crawford Swift), PTG Advanced Developments Ltd and PTG Deutschland GmbH. Jones & Shipman Precision Ltd is unaffected by this announcement and will continue to trade under the current ownership.

CQME's aim is to establish a strong foothold in international markets and views this acquisition as a significant statement of intent. The combined group will continue to invest, develop the technology, intellectual property and 'know-how' of the UK businesses to create products to meet the market's ever more demanding requirements. The existing manufacturing facilities, services and supply chains in the UK will be maintained and all staff of the above companies will be transferred to the new group.

The Board of Directors are very excited by the opportunities that this transaction provides and are confident that it will create a combined company with all the strength and advantages necessary to compete with the major machine tool and component manufacturers world-wide.

About Precision Technologies Group (PTG)

Precision Technologies Group (PTG) includes the well-known brands Jones & Shipman, Holroyd, Binns & Berry, Crawford Swift and Precision Components.

The Group is firmly at the forefront of high precision machine tool design, build and supply. Our range includes surface, cylindrical, creepfeed, rotor, thread and gear grinding machines, superabrasive machining systems, rotor milling machines and lathes. All of which are producing ultra precision components in a diverse range of industries including aerospace, medical, mould tool & die, power generation, oil, gas, steel and high end automotive.

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Precision Technologies Group Ltd : Stephen Lord, Tony Bannan or Don Whittle
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