Energy production technology services company Proserv has bought KRG Industries Ltd from majority shareholder Torishima Pump Mfg. Co. Ltd, (Torishima) in Japan.
KRG provides precision engineering services to the oil and gas and aerospace and defense industries. Using a fleet of high specification equipment, the company provides services including machining, welding, inspection, and testing to an international base of customers including oil and gas original equipment manufacturers (OEMs), oilfield service companies, and defense contractors.
The deal comes eight months after Proserv acquired Australian-headquartered Velocious, a subsea intervention and tooling company. Proserv also took on US company, Total Instrumentation & Controls (TIC) towards the end of 2012, adding a further 300 staff to the company.
The latest acquisition, which includes 170 staff based at KRG’s Coatbridge headquarters in Scotland and its Stockton-on-Tees facility, sees Proserv increase its staff to more than 2200, with all existing KRG management continuing to run the day-to-day operations as part of the Proserv organization.