Biscay-based company ITP has acquired the 20% stake in PCB that belonged to the Swiss company Precicast SA and, given that both companies founded Precicast Bilbao in 1999, with this purchase, PCB becomes a wholly-owned subsidiary of ITP. The operation is part of the growth plans foreseen in the current ITP 2016-2020 Strategic Plan, which started recently: As part of this plan, significant growth is expected in the cast parts business in coming years.
As the Strategic Plan forecasts important growth in the cast parts business, significant investment will be required in an industrial plan that includes not only the current PCB plant in Barakaldo but also the future PCB plant in Sestao, which is due to open in the first half of 2017.
An expansion of PCB capacities was announced in 2015, with an investment of 20 million euros for the 2015-2021 period, focusing mainly on R&D efforts and growth of projects with existing customers. In addition, the company plans to increase its workforce by employing 200 new workers during this period.