A company that makes driverless pods used in factories and airports has completed its first acquisition since floating on the Alternative Investment Market (AIM). Aurrigo International plc, which employs 75 people at its advanced engineering centre in Coventry – and offices in North America, Australia, and Singapore – has purchased Hinckley-based GB Wiring Systems.
The £250,000 deal is part of its plans to grow its auto business and support new opportunities in the aviation sector. It will see the GB Wiring Systems workforce come under the Aurrigo umbrella, and the Leicestershire manufacturing facility become part of the expanded group.
A spokesman said the purchase was designed to immediately enhance earnings through additional expertise and capacity in electrical wiring harnesses and assemblies.
He said: “Whilst there is no crossover of customer base, the acquisition will complement Aurrigo’s existing automotive business, allowing for improved supply chain logistics for key products, whilst also enhancing its core design and manufacturing competencies for the benefit of both its autonomous and aviation divisions.”
Aurrigo International plc, which was founded by brothers David and Graham Keene 30 years ago, raised £8 million in the IPO last September.
It designs, engineers, makes and supplies autonomous vehicles and products to the automotive and transport industries, particularly focusing on aviation.
It had revenues of £5.3 million for the year ending December 31, and has recently created more than 30 jobs. A fresh recruitment drive will take the workforce past 100 for the first time.
It has developed six types of autonomous vehicle to date, which can be used to reduce costs, resolve operational issues and tackle labour shortages, whilst also improving sustainability.
Director of corporate development Graham Keene said: “This purchase delivers us enhanced capabilities and capacity in our core automotive area of wiring harnesses and electrical components, building on existing strong relationships with the likes of Jaguar Land Rover, Morgan Motor Company and Aston Martin.
“In addition, we will continue to leverage these capabilities to support our work in developing autonomous pods and shuttles, not to mention our rapidly growing autonomous luggage and electric tugs for use in airports all over the world.
“We have a successful track record of acquiring companies that offer synergies to our business and we look forward to integrating GB Wiring Systems into the group, ensuring continuity of service for its established customer base in the process.”
In a joint statement, GB Wiring Systems directors Mark Robson and Mike Francks said: “Aurrigo is a long-established leader in automotive electronics, and we are pleased to be joining the team.
“We are confident that our capabilities and expertise will enhance its existing offering and there will be a smooth transition for both our staff and our customers.”
