Reece Group Announces Move into Food Industry with Investment in Game-Changing Technology
4th November 2015
One of the North East’s most innovative engineering businesses is continuing its strategy of diversification by investing in game-changing food processing technology that serves up tastier, healthier meals at a lower cost.
Reece Group has completed a major investment in Continuous Retorts Ltd (CRL), a designer and manufacturer of food processing equipment.
By joining forces both companies hope CRL will become a major player in the market world-wide.
Operating from its base in Gosforth, Newcastle, CRL has developed a system that enables food contained in plastic laminate pouches, pots and trays, as well as more traditional packaging such as tin cans and glass jars to be sterilised or pasteurised at a high speed and low unit cost.
Reece Group CEO Phil Kite, said “We are delighted to be able to invest in Continuous Retorts who are at the leading edge of innovation in the food processing sector. They have developed a system of preserving food that delivers real improvement in food quality and nutrition values compared to existing technologies.
“Working together we are confident we can develop the business into a major player in what is an exciting and growing market.
“The ethos of the business is very much in line with that of the Reece Group and the business fits well within our strategy of creating a more diverse group of engineering businesses. We now operate in defence, oil and gas, power generation, subsea, nuclear and food sectors.”
CRL founder and managing director David Lambert, who will continue to be the driving force behind the business, said: “The Reece Group is the ideal investor. With their substantial financial backing and depth of engineering resource we will be able to expand our business and become a major player in the market.”
The Reece Group’s corporate advisors were UNW, led by Steve Lant. Legal Advisors were Bond Dickinson, led by Iain Pritty. CRL’s legal advisors were BHP Law, led by Gary Copeland.