North Technology Group (NTG) has acquired Future Fibres. The Valencia, Spain-based company will be part of NTG’s Southern Spars division. Terms were not disclosed.
A statement said combining the companies will allow Southern Spars the ability to develop additional technologies, products and services. “Future Fibres has long been an innovator in the field of advanced fibre rigging,” said Tom Whidden, CEO of North Technology Group, in the statement. “With NTG’s support, Southern Spars now has the resources to provide our customers with a wider range of advanced rigging options.”
Future Fibres was founded by Tom Hutchinson in 1994. It specialises in carbon cables, masts, booms, spreaders and custom components for high performance sailing craft.
“The mast and rigging market is quite depressed after the GFC which has been putting pressure on Southern Spars and Future Fibres’ business,” said Richard Lott, CEO of Southern Spars, in the statement. “However, the Future Fibres team has developed some advanced mast moulding technologies which complement our advanced computer-based rig design tools. The combination of technologies and engineering excellence will provide a refined and optimised rig solution.”
Hutchinson will remain with Future Fibres. “The ability continue to innovate with North Technology Group is something that will allow my original dream to prosper,” he said in the statement. “I very much look forward to working with Southern Spars and NTG.”