A Teesside precision engineering business has been acquired by a Scottish specialist in a move to grow the firm’s offering to subsea clients.
KRG Industries, which employs 170 staff and has operations in Lanarkshire and Stockton, has been acquired by energy production technology services firm Proserv from majority shareholder Torishima Pump Manufacturing Co Ltd in Japan, in a bid to bolster its subsea manufacturing capabilities.
Established 35 years ago, KRG Industries provides services including machining, welding, inspection and testing to international blue chip customers including oil and gas original equipment manufacturers, oilfield service companies and defence contractors.
The deal takes Aberdeen-headquartered Proserv’s headcount to more than 2,200 employees and all KRG management will continue to run the day-to-day operations.
David Lamont, Proserv’s chief executive officer, said: “Our plan for growth is to invest in complementary world-class technologies and build on our existing range of value-added products and services. The acquisition of KRG is a perfect strategic fit for Proserv. They bring a broad range of technical skills and experience but, most importantly, they share our core values and ambition to be the provider of choice to our customers and together, as one company, we are even stronger.”