Energy production technology services company Proserv further bolstered its subsea manufacturing capabilities and specialist integrated services with the acquisition of engineering player KRG Industries. Proserv has acquired the entire share capital of UK-based KRG Industries (KRG) from majority shareholder Torishima Pump Mfg. Co. (Torishima) in Japan.
KRG has a 35-year track record as a provider of precision engineering services to the oil & gas and aerospace & defence industries. Using a modern fleet of high specification equipment, the company provides a broad suite of services including machining, welding, inspection and testing to an increasingly international base of blue-chip customers including oil and gas original equipment manufacturers (OEMs), oilfield service companies and defence contractors.
The deal comes just eight months after Proserv acquired Australian-headquartered Velocious, a pioneering subsea intervention and tooling company. The latest acquisition, which includes integrating all 170 personnel based at KRG’s Coatbridge headquarters in Scotland and its Stockton-On-Tees facility, sees Proserv increase its talent pool to over 2,200 employees with all existing KRG management continuing to run the day-to-day operations as part of the Proserv organisation.