UK-based subsea energy products company Express Engineering has sold its aerospace division for an undisclosed sum, to focus on expanding its capabilities in the offshore oil and gas market.
The aerospace division has been sold to Paralloy.
"The sale was formalized several months ago but the relocation of jobs and assets from Team Valley to a new facility near Middlesbrough was only recently completed," Express Engineering said.
Gary Thirlwell said: "We were delighted to find a buyer for this successful business; one who is committed to investing in it to make it a bigger enterprise. We’re also pleased to see that the skilled workforce, most of whom commuted to Team Valley from Teesside and North Yorkshire, will now be working much closer to home.”
The proceeds will be re-invested to add additional manufacturing capability that will enable Express Engineering to grow and support customer demand for new innovative products while improving overall competitiveness, it said.
Gary Thirlwell, managing director of Express Engineering, said: “We have disposed of the aerospace business to focus resources on our core subsea products. Aerospace was a small, albeit profitable division, but is not part of our strategic focus.
“During the last year or two, we have been transforming Express Engineering through a new product strategy and investment in infrastructure that includes a new test and assembly facility. To continue to compete in global markets and provide customers with top quality subsea products and services we need to be fully focussed on that task and sector."
“More large, global companies are outsourcing their manufactured products and sub systems for flexibility and competitiveness and looking to establish long-term partnerships with companies like Express that offer specialist, turn-key solutions.”
Express Engineering specializes in the manufacture, assembly, and test of subsea actuators, connection systems, connector sub-assemblies and mechanical and hydraulic subsea tooling.
According to the company, whose clients list includes TechnipFMC, Baker Hughes, and Aker Solutions, since embarking on a refocused business strategy at the end of 2018, Express Engineering has seen sales in the oil and gas sector grow resulting in a jump in revenues to more than £35m for 2020.