A Manchester manufacturer, which can trace its roots back to 1864, has completed the acquisition of a conveyor chain specialist in the city.
Wythenshawe-based Renold has snapped up Brooks for £600,000.
In a statement to the London Stock Exchange, Renold said Brooks is expected to generate additional sales for the group of £1m and add £200,000 to operating profit.
It will also be integrated into the Renold UK Service Centre in Manchester.
Renold's statement added that its recovery in both order intake and revenues has continued and trading for the year to March 31 was in line with the board's revised expectations.
Group order intake in the year fell to £170m, down 7.4% compared to the prior year but group order intake in Q4 was 10.2% ahead of the equivalent prior year period, and the order book at 31 March 2021 of £53.6m was 3.6% ahead of the prior year figure.
Group revenue in the year fell to £165.3m, down 12.7% compared to the prior period, as the group experienced the impact of the Covid-19 pandemic.
