Pressure Technologies plc listed on AIM in June 2007 with the goal of building a highly profitable group of companies, specialising in technology for the containment and control of liquids and gases in pressure systems.
Chesterfield Special Cylinders, the cornerstone of the Group at IPO, has been a leader in the design, development and manufacture of high pressure seamless steel gas cylinders for over 100 years. Its origins trace back to The Universal Weldless Steel Tube Company Limited, which was formed in London in 1897 and later acquired in 1906 by Chesterfield Tube Company Limited. A succession of corporate owners saw the business at the forefront of all major technical advances in seamless steel cylinders throughout the 20th century. In 2004 John Hayward, now Chief Executive of Pressure Technologies plc led a management buy-out backed by South Yorkshire Investment Capital Fund and Yorkshire & Humber Equity Fund, and renamed the business Chesterfield Special Cylinders.
As part of the MBO plan, the business was relocated from its historical Chesterfield home to a 100,000 sq ft factory on 4.4 acres adjacent to the M1 in Sheffield. The move was completed in 2005 at a cost of around £1.5 million. Chesterfield Special Cylinders was re-engineered on the new site with a more efficient plant layout, to increase productivity and greatly improve production capacity.
Since the IPO in 2007, Pressure Technologies has diversified both organically and through acquisition:
2008: Chesterfield BioGas was established, following the signing of a co-operation agreement with Greenlane® Biogas, the world leader in biogas upgrading.
2010: The Group diversified through the acquisitions of Al-Met and the Hydratron group of companies, forming a new Engineered Products Division.
2013: In December, the Cylinder division expanded into the ultra-large composite cylinder market through a 40% investment in Kelley GTM.
2014: In March, the Group acquired Roota Engineering, a precision engineering business. This was closely followed by the acquisition of Quadscot Precision Engineers in October 2014, bringing further strength and depth to the Engineered Products division.
Following the success of Chesterfield BioGas’ co-operation agreement with Greenlane® Biogas, the Group also acquired the business of Greenlane® Biogas in October, creating an instant worldwide presence for the Group in the rapidly growing biogas upgrading market.
In late 2014, the Group split the Engineered Products division into two new divisions - the Engineered Products division of the Hydratron group of companies, and the Precision Machined Components division of Al Met, Roota and Quadscot.
2015: In January, the Group acquired the freehold of the land and buildings at Meadowhall Road, Sheffield, where two Group companies, Chesterfield Special Cylinders and Greenlane Biogas are based.
2016: The Group added further strength to the Precision Machined Components division with the strategic acquisition of Martract Ltd, a niche engineering business specialising in the grinding and lapping of ball and seat assemblies and gate values.
2018: The Group sold Hydratron Limited, which comprised its Engineering Products Division, to Pryme Group Limited.