Altec CEO Alastair Waite said: "We were attracted by the excellent reputation of Quick Hydraulics in the market place and the expertise of the team in delivering high quality hydraulic systems and solutions. It was an obvious fit to widen the Altec Group capabilities and reach."
Andrew Esson will continue as managing director of Quick, which counts SMD, Siemens, Baker Hughes and EDF Energy amongst its clients. Esson said: "We have been through a very challenging 12 months due particularly to the downturn in the oil and gas sector.
“Many of the projects we had hoped to land were either subject to delays or cancelled altogether and it was clear that we would have to restructure the business. I am delighted that Quick will become part of the larger Altec Engineering Group. “
This is the third acquisition by Altec in less than twelve months, following the acquisitions of Sigma Technologies and Ronco Engineering.
Waite said: "There were two key reasons why this deal was attractive to us. Firstly, Altec, as a designer and manufacturer of special purpose machinery, often incorporates hydraulics in our solutions and having access to ‘in-group’ expertise will be invaluable. Secondly, our five axis CNC machining capability will allow the business to enter new market areas such as the design and manufacture of bespoke hydraulic manifolds."
