Proserv divests Scotland-based specialty machining business

Davis Larssen, chief strategy officer for Proserv

Proserv, a controls technology company providing solutions to the drilling, production and decommissioning market sectors, has sold its Coatbridge, Scotland-based specialty machining business, formerly known as KRG Industries.

Proserv said that the divested business would now trade as KRG Specialist Engineering Services and would continue to operate from its current facilities, providing precision machining services to a number of diversified clients in the oil and gas, aerospace and defense, rail and food sectors.

The exact terms of the deal were left undisclosed. The existing management team of KRG will lead the company with Gerry Hughes as managing director.

Following a strategic review of Proserv’s portfolio, third party machining services no longer complemented the firm’s core offering, so a sale process was activated last year and has resulted in the disposal of the business to GIL Investments (GIL).

GIL is a UK-based private investment firm which acquires controlling stakes in businesses. GIL has a particular specialism in manufacturing and industrial enterprises and it now possesses a portfolio of 14 companies with a combined turnover of more than £400 million.

Davis Larssen, chief strategy officer for Proserv, stated, “The Coatbridge business was acquired at a time when Proserv was investing in bringing an alternative subsea tree proposition to the market. Following the industry downturn in 2015, the development plan was reviewed and changed, with this sale representing the final part of our exit from this area of the oil and gas market, enabling Proserv to focus exclusively on its core controls technology.”

Les Litwinowicz, CEO of GIL Investments added, “KRG has a forty year track record of working with its customers to deliver technologically demanding solutions for their problems. We very much look forward to working with Gerry and his team to grow KRG, both in its core market and in other sectors.”

Share this article

Follow Offshore Energy Today

Posted on February 7, 2019 with tags .

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

8th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply