Yankee doodle dandy for Money Controls

ROYTON business Money Controls Ltd has been sold to a second American company.

The business, founded in 1967 by three Oldham mechanical and design engineers — David Bellis, Norman Holden and Stewart Kitson — when it was known as Coin Controls, is now part of Crane Co, a diversified manufacturer of highly engineered industrial products based in Stamford, Connecticut.

After months of negotiations, executives from Crane Co Group concluded an agreement with CA-MC Acquisition Co of St Louis to acquire the company. The American company acquired Money Controls in 2000.

Speaking from the Oldham base at Coin Street, Royton, manufacturing director Ken Collett said: “The management team here in Oldham is delighted.

“We believe this change in ownership will provide future growth opportunities for Money Controls leveraged from Crane’s strong position in the automated payments market.

“We believe the combined strength is strategically important to the future success of Money Controls, its employees and its continuing contribution to the future success and prosperity of Oldham.”

Money Controls employs 350 people globally and is a leading producer of a broad range of payment systems and associated products for the gaming, amusement, transportation, and retail markets.

The product line includes coin hoppers, coin acceptors and bill validators and 2010 sales are estimated to be approximately £38.5 million.

The transaction is subject to antitrust review in Germany and is expected to close by mid-December.

Councillor Howard Sykes, executive leader of Oldham Council, said: “As one of the borough’s most successful businesses, Money Controls plays a key role in the growth of our local economy.”