The trade names, all stock valued at over £250,000, tooling and various other equipment have now been acquired.
Oilite Bearings, manufactured self-lubricating bearings and sintered components and was part of Manganese Bronze Holdings plc. In 2003 its components division was sold to BSA Holdings, which went into administration in 2006, and Oilite Bearings became a stand-alone company after a management buyout.
Bowman says that the move strengthens its position in the sintered component market and will expand its exports. It has also increased its stock holding to more than £1.75m, and now has the widest range of stock sintered bronze bearings in Europe.
"The purchase of Oilite has moved us into a bigger league and effectively doubles our turnover," said Bowman managing director Paul Hancock.
