Chesterfield companies merge to create Â£75m-turnover business
Two companies with factories in Chesterfield borough have merged to create a Â£75million-turnover firm with 570 staff.
AVK has acquired a majority share in Fusion Group Ltd for an undisclosed sum.
The companies - which make components for the water and gas industry - will continue to operate as separate businesses.
Part of AVK is the well-known Donkin brand which has its manufacturing site in Colliery Close, Staveley.
Fusion was founded in Chesterfield in 1971 by chairman Eric Bridgstock, a pioneer in the adoption of polyethylene pipe for gas networks, and has manufacturing sites at Chesterfield Trading Estate, China and Egypt.
Paul Hubbard, chairman of AVK, said: "AVK and Fusion are a perfect match.
"We have decided not to change the way these companies operate.
"They will work as totally separate businesses with great synergies.
"We plan for them both to benefit from each other’s reputations and networks in the territories where one excels and the other does not.
"This move will benefit our customers and our staff."
Kevin Raine, group managing director of Fusion, added: "We envisage great potential for growth, with each business helping the other, especially in the worldwide water and gas utilities industry.
"AVK and Fusion are leaders in their field and both have well-known and trusted brands.
"The Far East and South East Asia in particular offer interesting growth opportunities, although shared UK customers will benefit immediately from enhanced service and product offers."