PTC Industries To Make 100% Acquisition In UK-Based Trac Precision Solutions Limited (TSPL)

On Saturday, October 19, PTC Industries Ltd announced that it has signed a Share Purchase Agreement (SPA) to buy all of Trac Precision Solutions Ltd's (TSPL) shares. In accordance with the deal, PTC Industries will acquire TSPL, Trac Holdings Ltd., its ultimate holding company, and three other non-operating entities: Broomco (4266) Ltd. and Trac Group Ltd. After everything is finished, TSPL and the other companies will become step-down subsidiaries, while Trac Holdings will become a wholly owned subsidiary of PTC Industries.

"In terms of SPA, TSPL is proposed to be acquired by acquiring 100% shareholding of its ultimate holding company, Trac Holdings Limited ("THL"). Accordingly, four companies are being acquired, of which three companies, namely Trac Holdings Limited ("Target Company 1"), Broomco (4266) Limited ("Target Company 2") and Trac Group Limited ("Target Company 3") are non-operating and only Trac Precision Solutions Limited ("Target Company 4") (hereinafter collectively referred to as the "Target Companies") is an operating company. 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," said PTC Industries in a stock exchange filing.

"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. Further, in terms of the provisions of Regulation 24 of the Listing Regulations, Target Company 4 shall be a material subsidiary of the Company," PTC Industries informed stock exchanges.

PTC Industries was given a sizable manufacturing contract by BAE Systems in September of this year to produce titanium castings for the M777 Howitzer. PTC Industries Limited said in a filing with the public markets that it has obtained a sizable manufacturing order from BAE Systems for titanium castings, which include Spade Trails and Blades, for the M777 Ultra-Lightweight Howitzer (ULH). Over the last two years, several castings were created especially for the M777 ULH. PTC Industries, with its state-of-the-art production plant in Lucknow, Uttar Pradesh, will produce complex lightweight titanium castings for the 155mm M777 Ultra-Lightweight Howitzer.

For more than 60 years, PTC Industries Limited has been a top producer of precision metal components in India for vital applications. One of the top producers of premium technical metal components is PTC Industries Ltd. With a market valuation of Rs 19,409.17 Cr, PTC Industries' shares closed 1.99% down on Friday at Rs 12964.35 each on the BSE.