Pipeline Technique triples workforce with US acquisition
- Published
An Aberdeenshire pipeline firm serving the energy industry has tripled its workforce to more than 1,000 with an acquisition in America.
Pipeline Technique (PTL) is buying the welding, coating and fabrication arm of Stanley Black and Decker.
It will service customers in oil and gas, renewables and carbon capture.
PTL said the deal would see turnover reach $200m (£163m) and grow its headcount from about 350 people to more than 1,000.
The firm will acquire the three groups of companies that make up the oil and gas division - CRC-Evans, Pipeline Induction Heat (PIH), and Stanley Inspection.
Frederic Castrec, chief executive officer of PTL, described it as a "transformational" deal.
He said: "With a strengthened welding, coating, and inspection service offering, we are now a company that can service every area in the energy value chain - from oil and gas to renewables and carbon capture - in any location in the world.
"This deal is a major step forward and the timing of this acquisition could not be better as the sector undergoes significant change."