WEC Group joins forces with international diving product manufacturer

WEC Group, one of the UK’s leading engineering and fabrication companies, has acquired a 50 per cent stake in Preston-based commercial diving and hyperbaric product manufacturer Submarine Manufacturing & Products (SMP) to make both businesses stronger entities.

Established as a world leader in the design, manufacture and supply of commercial diving, subsea, and hyperbaric solutions, SMP will benefit from WEC Group’s engineering know-how and strong purchasing power to increase competitiveness and boost export prospects.

Both WEC Group and the 40-strong SMP will gain access to each other’s expertise and skills, thus strengthening operations further and facilitating both businesses’ long term investment and growth strategies.

With the joint venture taking the Group’s overall staff headcount to around 680, WEC will combine its engineering expertise with SMP’s to enable them to meet even the most demanding project requirements.

Steve Hartley said: “SMP and WEC Group have had a longstanding business relationship and there is a very good strategic fit between the two businesses.

“I have been a personal friend of the Managing Director of SMP Phil Connolly for over 14 years and I’m excited at the prospects of what we can accomplish together.”

Nick Pickup, associate solicitor of Forbes’ Corporate and Restructuring team, acted on behalf of WEC in the joint venture.

“We are delighted to have assisted with what is an exciting deal which promises to make both companies stronger as a result.” The new joint venture will enable both companies to achieve their high growth targets as well as opening the door to new opportunities.