The unit will be majority owned by Plexus and its partner is BEL Valves Limited, a subsidiary of Newcastle based British Engines Group.
The AIM-quoted company will control the intellectual property, design and manufacturing. PPC will operate out of the Plexus facility in Dyce, Aberdeen.
Its aim is to enable Plexus to offer customers a full package of production trees and valves, together with Plexus’s flagship POS-GRIP wellhead systems.
"The formation of PPC enables Plexus to supply xmas trees as part of a 'package solution' for the first time,” said Ben Van Bilderbeek, Plexus chief executive.
“It is a key step in our company's evolution and ambition to provide the industry with wellheads and associated products, which are gas tight and methane leak free.
“With the long-term field history and extensive qualification testing already demonstrated with the tree and valve products which Plexus now has full access to, we are confident that we can now truly provide the complete package to our customer."
Bruce Heppenstall, BEL Valves chief executive, meanwhile, added: “Our valves and Plexus' wellhead systems are an excellent fit.
“Both deliver the highest standards in performance, reliability and safety and both have a proven track record in operating in extreme HP/HT environments.
“We at BEL Valves are looking forward to working with Plexus to offer operators a complete surface package, which we believe delivers the best solution available by far."