The management of Torquemeters Limited is happy to announce that the ownership of the business has now been transferred to an Employee Owned Trust (EOT) by the Van Millingen family, after 70 years of continuous leadership by the original founder Reuel Van Millingen and, since the early 1990s, by his sons, Jas & Ben Van Millingen.
The trust is an indirect ownership arrangement which maintains the independence of the business to operate in the longer term for the benefit of its employees. In addition, several members of the existing management team have subscribed to shares via a limited Management Buy Out scheme, acquiring a minority shareholding in the business. This, coupled with the continued involvement of Ben as Managing Director & Jas as Technical Director, will help to ensure the continuity and stability of the business in the short and longer term.
The new structure will ensure that Torquemeters will continue as a thriving and sustainable specialist engineering business focussed on the delivery of world-class rotating equipment systems and services through product innovation, the development of core engineering capabilities and an open supportive culture. The transfer of ownership to the trust which started in December of last year has been managed, with the backing of the previous shareholders, to support the business’ working capital needs through the initial phase of the transition and to ensure that the business remains fiscally robust into the future.
Torquemeters Limited has an enviable reputation for the quality and innovation of its’ high performance driveline, torque measurement and test system solutions, garnered over 70 years of serving many of the world’s leading aviation, automotive, industrial and Oil & Gas organisations. The business has grown substantially & sustainably over the past few years and continues to operate in a fiscally responsible and profitable fashion. We continue to invest in new capabilities in terms of our engineering expertise, specialist manufacturing facilities and through the development of our highly-skilled employees.
From a customer & a partner perspective, the relationship with Torquemeters Limited will continue uninterrupted, with all aspects of engagement remaining the same, as we embark on this new chapter in Torquemeters history.