Precision Engineers ET Equipments, based in Gwent, has been acquired from its American parent company by local entrepreneur Mervyn Ham and his wife Michelle in a deal which safeguards 30 jobs.

The Cwmfelinfach firm was formed in the 1970s as Electrotech to service the fledgling computer industry. It specialises in the manufacture, testing, finishing and assembly of high precision components.

The company was bought from the Aviza technologies group inc, who manufacture high end capital equipment for the silicon wafer chip industry, with funding from HSBC plc, Finance Wales and the Welsh Assembly Government. Capital Law LLP acted for Mervyn and Michelle Ham on all legal aspects.

Under Aviza's ownership the company functioned as an in-house manufacturer of components for Aviza's products.

Mervyn Ham has bought and developed a number of engineering businesses in South Wales since 1990.

He said: "The motivation behind purchasing the company was the opportunity to develop a centre of manufacturing excellence. This can only be properly achieved under private ownership in a competitive and commercial marketplace.

"Despite being a small workforce, 30 in total, I have already been impressed with the progressive and forward thinking nature of the highly skilled employees. Understandably Aviza has been very happy to keep these skills largely for their own benefit. This acquisition allows us to offer the services of the company to a wider marketplace."

Mervyn and Michelle Ham are controlling shareholders in Yeovil-based aerospace company Ramp Industries Ltd, and last year sold Nidum Precision Tooling and Magor Designs to an MBI team. Mr. Ham is also an advisor specialising in succession planning and management buy-outs.

Capital Law LLP acted for Mervyn and Michelle Ham on all legal aspects relating to the purchase of the business. The deal was backed by funding from HSBC plc, Finance Wales and the Welsh Assembly Government.