Newport manufacturing company Diametric has agreed a management buyout which will retain all 14 employees. Diametric manufactures product badges and nameplates for the likes of Jaguar Land Rover, Triumph Motorcycles and Sunseeker, has been bought by islander Steve Watts and Graham Steele, from Hampshire.
Both have worked for the company for 13 years, with Steve acting as general manager at the Isle of Wight manufacturing centre, and both men say they have ambitious plans to grow the business and add to the Isle of Wight’s specialism in manufacturing.
Steve, who has lived on the island for 30 years, said:
“I’ve been passionate about the company ever since I started working here 13 years ago so to be in a position to take over at the helm is fantastic. We are a market leader in many of the industries we work in and I am immensely proud to continue the Diametric name and reputation
“For us the Isle of Wight has always been the perfect location for our manufacturing centre. The island has a rich skills base in this sector and fantastic links with the mainland, as well as our customers overseas. It is an honour to work for such as successful company that is contributing to the island’s economy and employment base.”
Diametric’s Isle of Wight manufacturing centre is based in Manners View and employs 14 people. The company’s other office, in Swanmore, Hampshire, employs a further 10 people. All staff will be retained as part of the buyout, overseen by Thomas Eggar.
Graham Steele said: “For our customers and staff there will be no change to day to day operations but looking to the future we do have exciting plans to grow the business and build on the sterling successes of the last three decades. With fresh drive and ambition, we know that Diametric is in a position to further increase its share of the market both in the UK and overseas.”
