Chatteris engineering company expands with acquisition

An engineering group in Chatteris is expanding its operations with the acquisition of a medtech company.

Avingtrans has agreed a deal that will see it acquire the majority shareholding in a new business.

The new company will created by the merger of Magnetica, an Australian medtech firm specialising in next-generation Magnetic Resonance Imaging (MRI) technologies, with Scientific Magnetics, which designs and manufactures superconducting magnet systems, and which is mostly owned by Avingtrans.

The combined business will become the key part of Avingtrans’ Medical and Industrial Imaging division and will have assets of about £5.3 million.

Steve McQuillan, chief executive of Avingtrans, which also owns Peter Brotherhood, in Peterborough, said: “By combining the expertise, there is an exciting opportunity to become a leading MRI systems integrator for a variety of niche markets and the prospect of increasing accessibility to high-quality medical imaging around the world.”