Manchester industrial chain and power transmission firm Renold plc announced it has acquired Valencia-based Industrias YUK S.A. for €24 million in cash.

“YUK is a Valencia-based, manufacturer and distributor of high quality conveyor chain (CVC) and ancillary products,” said Renold.

“YUK’s well invested CVC manufacturing facility … adds a high quality European based CVC manufacturing capability to Renold’s current transmission (TRC) and tooth chain manufacturing capability in Europe.

“The acquisition substantially increases the group’s access to the Iberian chain market, where historically it has been under represented.”

Renold CEO Robert Purcell said: “We are delighted that YUK is to join the Renold Group and that not only are we buying an excellent business, but also retaining the services of a very talented group of managers and employees.

“The acquisition of YUK considerably expands and strengthens our European Conveyor Chain offering, while also allowing us to grow within the Iberian market.

“YUK has a long-established track record of manufacturing and supplying high quality chain products which fit well with our own premium product offering.

“The acquisition is expected to be earnings enhancing from year one and gives rise to considerable business synergies. We are delighted to welcome the YUK team as part of the Renold family of companies.”