Peter Cosgrove, right, chief executive of ATA, winner of Local Enterprise of the Year award at the Irish Times Business Awards. The award was sponsored by Eirgrid.
Cavan-based ATA has been named Local Enterprise of the Year at the fifth annual Irish Times Business Awards, in association with Bank of Ireland, at the Mansion House in Dublin.
Founded in 1963, ATA is a manufacturer and supplier of precision cutting tools for industrial groups globally, serving more than 7,500 customers in 90 countries. It was acquired in 2008 by former Smurfit Kappa chief executive Peter Cosgrove, who serves as its chief executive, and other investors when the business had revenues of just €17 million. Its shareholders now include the management team, the Ireland Strategic Investment Fund, Development Capital Fund, and a number of other minority investors.
The toolmaker employs more than 300 people worldwide including 170 staff at its base in Cavan, where it undertakes research and development and engineering work.
In December 2022, the company said it had acquired Dutch manufacturer Van Hoorn Carbide and Industrial Tooling Corporation (ITC) in Tamworth, England. The acquisition prices were not disclosed but the businesses will add about €25 million to ATA’s annual turnover.
It was the group’s fourth major acquisition in three years. It bought cutting tools specialist Karnasch in Germany in 2019 and the microtool manufacturing activities of Swiss-based Näpflin in 2021.
ATA chief executive Peter Cosgrove said the acquisitions would “contribute significantly” to the expansion of its product portfolio, geographic reach, manufacturing capacity and offering to customers.
“Van Hoorn Carbide and ITC are long-established, quality manufacturers of carbide round tools with strong positions in their markets. Both organisations are family-led with strong teams and have invested significantly in machining equipment and technology, ensuring that the highest quality tool production and processes are in place,” he said.
“With these most recent transactions, we continue to execute on our strategy to scale the business globally through organic growth complemented by targeted acquisitions.”
The transactions were facilitated by debt from AIB and Bank of Ireland.