Aberdeen firm EnerMech buys Australian valves firm
Mechanical engineering group EnerMech has completed the first of five planned acquisitions by buying an Australian valve specialist in a multi-million pound deal.
The Aberdeen-based firm said the purchase of Valve Tech Engineering was part of a growth drive in Australia.
Valve Tech supplies and services valves to the energy sector throughout the continent.
EnerMech plans a further four acquisitions over the next six months.
The Valve Tech deal represents a major expansion of EnerMech's global valve services, procurement and manufacturing network, and complements an existing facility in Perth, Western Australia.
EnerMech plans to invest £10m in its Australian business over the next two years, opening bases in Gladstone, Brisbane and Karratha to service oil and gas, power industry and mining clients.
The engineering group also intends to more than double its workforce in Australia to 180 within the next 12 months.
EnerMech managing director Doug Duguid said: "Valve Tech is an excellent strategic fit for our business and gives us significant maintenance and repair capabilities in addition to our existing offering in the region.
"It strengthens our geographic reach in eastern Australia and introduces EnerMech to Valve Tech's broad client portfolio.
"The combined strengths of both businesses give us a very strong platform to become a major player in the valves supply, repair and overhaul market and there are many benefits for both parties."
EnerMech has bases in 15 countries, with annual sales of £140m.