Release time : 2015-06-15 08:06:06
Industry veteran Oilite miniature Bearings Ltd. (UK; website) has gone into administration, the UK equivalent of bankruptcy, and put itself up for sale.
Tracing its roots to Chrysler's 1930 patent for the groundbreaking powder metal material, Oilite UK manufactures specialty bronze powder metal plain ceramic bearings, the open pores vacuum-impregnated with oil.
Oilite has been located in Ipswitch since 1949. In 1972, it became part of Manganese Bronze Holdings (MBH). In 2003, the components businesses of MBH were acquired by BSA Holdings, a private equity firm, as BSA Advanced Sintering. But by October 2005, BSA Advanced Sintering was in receivership and had ceased all operations except BSA Precision Oilite. Reportedly, Oilite had long been the group's only profitable operation.
A management buyout was arranged for BSA Precision Oilite, which became Oilite Bearings Ltd. The three executives involved in the buyout were Paul Mitchell, Alistair Brixey, and Peter Jones. Originally, the team intended to acquire both Oilite and BSA Precision Castings -- but so many Castings customers had pulled their needle roller bearing business that it was no longer viable.
In the current crisis, approximately half of Oilite's staff has been laid off, leaving only 17 workers.
The company's representative is actively seeking investors or an acquirer.
Chartered accountants firm Ensors (website) has been given the task, represented by partner Steven Law (profile). Mr. Law can be reached at (UK) 01473 220022.
Mr. Law said: "We have already received a number of expressions of interest and I would urge any interested parties to contact me as soon as possible."