Cape Buys Engineering Contractor Motherwell Bridge

UK-based industrial services firm Cape has acquired Scottish engineering contractor Motherwell Bridge in a $63-million deal.

Cape said the acquisition will provide Lanarkshire-based Motherwell with the resources to significantly grow its business by allowing it to take on larger projects in overseas markets and increase its service offering. Motherwell, which employs around 300 people, is a leading provider of storage tanks, gasholders and heat exchangers in the energy and steel markets.

Motherwell will retain its management team, Cape added.

Motherwell Chief Executive Russell Ward commented in a company statement:

"This is an excellent deal for Motherwell Bridge. While the business has achieved good growth over the past few years, Cape's significant resources and footprint will help accelerate and realize our growth plans in the UK and overseas.

"There is no doubt that having the backing of a leading industry player in the form of Cape will signal a major transformation of the company."

Cape CEO Joe Oatley added: 

"The acquisition of Motherwell Bridge is in line with Cape's strategy to broaden our portfolio of essential critical industrial services.

"Cape is now able to provide its clients with a complete tank maintenance solution. Motherwell Bridge has tremendous expertise, reputation and brand recognition in the oil and gas storage tank market, including a market leading position in the UK and we expect to accelerate Motherwell Bridge’s overseas growth through Cape’s international footprint."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Scottish Government Reveals New Subsea... (Jan 20)
 -  SOFF Secures Services Contract for Jan... (Jan 20)
 -  NPD Grants Lundin Permit for Appraisal... (Jan 20)
 -  Lion: AMT-1 Well Abandoned After Stuck... (Jan 20)
 -  Unite: Workers 'Deeply Unhappy' About ... (Jan 20)


Most Popular Articles

From the Career Center
Jobs that may interest you
Rockies Area Operations Manager
Expertise: Mud Engineer / Drilling Fluids|Well Servicing & Testing
Location: Denver, CO
 
Drilling Chokes Operator
Expertise: Field Service Tech|Well Servicing & Testing
Location: Odessa, TX
 
CDL Class A Drivers
Expertise: Well Servicing & Testing
Location: Midland, TX
 
search for more jobs

Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours