Indian firm acquires Craig and Derricott

British switchgear manufacturer Craig and Derricott has been acquired by Indian company The Victory Group for an undisclosed sum.

Craig and Derricott is a manufacturer of switchgear products for low voltage control and safety applications. The company exports around the world and manufactures switchgear for a wide range of blue chip customers including Tubelines, Alstom, BAE Systems, Metronet, Bombardier, Siemens and Rolls Royce.

Hyderabad-based The Victory Group is a well-established Indian engineering company which manufactures a range of products for the power industry. Its expertise includes the manufacture of power, distribution and instrument transformers, vacuum circuit breakers, surge arresters and electro-porcelain products.

The Victory Group is partially owned by Reliance Capital, a firm that belongs to the Reliance ADA group.

Mahindra Vaddineni, managing director of The Victory Group, said: “Craig and Derricott’s specialist switchgear has an unrivalled reputation in key markets around the world and will support our own ambitious plans for expansion in countries such as India, Africa, China, the Middle East and America.

“We will support aggressive new product development pipelines for future growth, which will synergise with existing products, and cater to wider clientele.

“This is a very exciting time for everyone at the company and an opportunity for rapid growth over the next few years.”

Despite the acquisition, production will continue to be based in the Midlands, securing more than 70 jobs.

Gordon Barraclough, managing director at Craig and Derricott commented: “Since the Derricott family first started the business 64 years ago, we have built a reputation for high quality specialist switchgear securing a market leading position across the globe. The success of the company has been thanks to the hard work, dedication and engineering excellence of our dedicated and loyal employees.

“I am proud to have been part of the Craig and Derricott story and I’m confident that its new owners are committed to continuing the traditions of quality and engineering excellence.”

Engineering director Andrew Dolman is to become the new managing director of Craig and Derricott.