Business marks anniversary of French acquisition
Events have taken place in France to mark the first anniversary of an historic company’s takeover by the Teesside-based Paralloy Group.
The future of more than 550 employees of Manoir Industries had been on a knife edge after years of uncertainty before Paralloy stepped in.
As well as the 100-year-old company – located in Normandy – it also acquired Manoir’s UK business Hi-Tech Fabrication, employing a further 65 people based in Burton-on-Trent.
Over the past 12 months senior staff from Paralloy’s sites in Billingham and Middlesbrough have spent time in France developing best practice with their new colleagues.
Paralloy Group Chief Executive Officer Robert McGowan said: “Our UK and French colleagues have worked so well together to create a world class team at all levels of the Group. It has been such an honour and privilege to lead this major development in our exciting journey of growth. I am proud of what we are building and excited about the future.”
He added: “Despite so many issues facing industry across the world, we see opportunity.”
Both Paralloy and Manoir cast precision steel components for heavy industries including petrochemical, aerospace, and defence. The French business also has a foothold in the country’s nuclear power sector.
At the celebration in Normandy managers and union representatives joined together to serve Manoir employees food and drink. “We took the time this week to pause and look back on a remarkable year full of challenges but also many wins and so much progress,” said the CEO.
The event in France mirrored a similar event in Middlesbrough last month when management and staff shared the honour of receiving the King’s Award for International Trade.
It followed Paralloy’s meteoric rise since coming under new ownership less than six years ago. Revenues have increased £30m to £230m and the number of people employed in Middlesbrough, Billingham and Sheffield has risen from 220 to 560. More than 90% of its specialist stainless steel products are exported.
Paralloy ranks number two in Europe in its sector and number three in the world but, predicted Mr McGowan, “the best is yet to come.”
He said growth had taken place despite a succession of crises which had disrupted the world’s economy: from Brexit through Covid, soaring inflation, the energy crisis and President Trump’s tariffs.
“He added: “We should recognise that there are not many companies around who have been able to grow consistently year after year in this context.”