PSR SELLS ELECTRO STEER BRAND TO BELGIAN FIRM

Power steering component brand Electro Steer has been bought by Belgium company Car Parts Industries (CPI) for an undisclosed sum.

The Yorkshire brand, which forms part of larger firm PSR Direct, will be set up as a new company when it joins CPI.

PSR Direct was established in 1998 as a hydraulic power steering systems supplier, but as the market began to lean towards electronic systems in 2007 the Electro Steer brand was created.

PSR Direct MD Graeme Stocks says the acquisition will be an exciting time for his company: “We are excited to join the CPI group, and benefit from working with a company with long experience in bringing re-manufacturing into large scale production and distribution.”

Stocks will take the helm of the newly created Electro Steer Ltd, while PSR direct will re-divert its attentions to supplying hydraulic power steering equipment under new management.