Sir David McMurtry and John Deer, Executive Chairman and Non-Executive Deputy Chairman, respectively, founders of UK-based industrial machinery and metal AM hardware manufacturer Renishaw, have put the company officially up for sale. Both now in the 80s, they currently approximately 53% of the issued share capital (Resniahw is listed on the London stock exchange) and have expressed a preference for the disposal of their entire combined shareholding.
Renishaw’s Board has considered various options with its advisers and has unanimously concluded that it would be appropriate to investigate the sale of the Company and is therefore launching a formal sale process. The Board’s goal is now to seek a buyer who will respect the unique heritage and culture of the business, its commitment to the local communities in which its operations are based, and who will enable the company to continue to prosper in the long-term.
Since its foundation in 1973, Renishaw has grown into one of the world’s leading engineering and scientific technology companies, with expertise in precision measurement and healthcare. The company unveiled its first AM systems the AM125 and AM250 in 2012. Key features included variable powder delivery, ultra-low oxygen content in the build atmosphere, and a safe-change filter system to minimize user contact with materials. The first Renishaw systems supported 316L and 17-4PH SS, H13 tool steel, aluminum Al-Si-12, titanium CP, Ti-6Al-4V and 7Nb, cobalt-chrome (ASTM75), and Inconel 718 and 625.
Both systems were designed for rapid material changeover, with the AM125 utilizing a cassette type materials delivery system and the AM250 a removable hopper – particularly useful for materials development or use of a range of materials. The AM125 offers a choice of 100 or 200 W laser, and the AM250 a 200 or 400 W laser. Both the machines featured a fully welded vacuum chamber, enabling low-pressure evacuation followed by a recharge with high purity argon gas.
In 2014, the company unveiled its first additive manufacturing system developed specifically for part production, provisionally named EVO Project and later commercialized as the RenAM 500 series. This was the first additive manufacturing system designed and engineered in-house at Renishaw. The machine, which had a strong emphasis on automation, monitoring technologies and reduced operator interaction, from the start, was designed for single material industrial production.
Renishaw introduced an almost entirely hands-off powder handling system, whilst powder recirculation, recycling and recovery were all carried out within the inert atmosphere of the system, protecting both the user and the integrity of the material. The machine incorporated a 500W laser which will aid productivity whilst still maintaining precision and surface finish. It also boasts a class-leading high capacity filtration system, a large 19” HMI user interface and intelligent workflow to further reduce the need for operator interaction.
In 2018 Renishaw launched its newest system, the quad-laser RenAM 500Q. Featuring four 500 W lasers, the compact machine was developed to improve productivity in the most commonly used platform size and to target wider range of industries.
Parties with a potential interest in making an offer for Renishaw should contact UBS, which is acting as sole financial adviser and corporate broker in relation to the sale process. Interested party will be required to enter into a non-disclosure and standstill agreement.
Sir David McMurtry, Executive Chairman of Renishaw, and John Deer, Non-Executive Deputy Chairman, commented: “We are both grateful for our continued good health, however we recognise that neither of us is getting any younger. Now finding ourselves in our 80s, our thoughts have increasingly turned to considering the future of our shareholdings in the Company and how we can actively contribute to securing the future success of the business. With that in mind, we approached the rest of the Board to indicate that we felt the time was now right to discuss the best way to achieve this.
As the founders of Renishaw, we understand the importance of Renishaw’s culture, our place in the communities in which we operate, our commitment to research and development, and the loyalty of our staff, our suppliers, and the customers we serve; these together have been the foundation of our success for almost 50 years. With the Board, we are therefore focused on ensuring that we find the right new owner for our business – one who respects and will continue to nurture these important attributes.”