Bowman International (UK; website) has acquired Oilite Bearings Ltd. (UK) out of administration (UK's bankruptcy). Bowman's sintered bearing sales are expected to double as a result, and its in-stock inventory will lead the industry in Europe.

Oilite Bearings entered administration in late 2008.

2008 article: Oilite enters bankruptcy protection
Bowman has acquired the Oilite brand and trade names, bearing inventory, production equipment and tooling. Assets have been transferred to Bowman's Abingdon facility in Oxfordshire.

Bowman's Managing Director, Paul Hancock, said: "The purchase of Oilite has moved us into a bigger league and effectively doubles our turnover. It means we can offer customers an even better service and an even wider range of components."

Former Oilite head, Paul Mitchell, will join Bowman as Technical Director.

Tracing its roots to Chrysler's 1930 patent for the groundbreaking powder metal material, Oilite UK manufactures specialty bronze powder metal plain bearings, the open pores vacuum-impregnated with oil.

Oilite was located in Ipswitch since 1949. In 1972, it became part of Manganese Bronze Holdings (MBH). In 2003, the components businesses of MBH were acquired by BSA Holdings, a private equity firm, as BSA Advanced Sintering. But by October 2005, BSA Advanced Sintering was in receivership and had ceased all operations except BSA Precision Oilite. Reportedly, Oilite had long been the group's only profitable operation.

2006 article: BSA Advanced Sintering ceases operations
A management buyout was arranged for BSA Precision Oilite, which became Oilite Bearings Ltd. The three executives involved in the buyout were Mr. Mitchell, Alistair Brixey, and Peter Jones. Originally, the team intended to acquire both Oilite and BSA Precision Castings -- but so many Castings customers had pulled their business that it was no longer viable.

2006 article: BSA Oilite Bearing operations acquired
Bowman began in 1972 as a distributor and by 1984 had begun manufacturing bearings. The company's product line now includes a wide array of sintered bearings, ball bearings, plain bearings, thrust bearings, plastic and carbon bearings, slip rings, and shaft couplings.