Montrose-based Merpro Group is under new ownership after a takeover by a US firm, it emerged yesterday.
Merpro designs and manufactures production-processing equipment for the oil and gas industry.
It was controlled by chairman and majority shareholder Bert Smith, a former Angus Ambassador of the Year, but is now wholly owned by National Oilwell Varco (NOV).
Houston-based NOV has yet to announce the acquisition and did not respond to inquiries.
Merpro said it was unable to comment, although a brief statement on its website confirmed the deal without saying how much NOV paid for the business.
Energy-sector investment bank Simmons and Company advised Merpro in the process.
In its website announcement, Merpro said NOV subsidiary NOV Mission Products was now positioned for growth in the floating production storage and offloading vessel and offshore production markets.
NOV Mission Products supplies fluid-management services for oilfield and industrial applications.
Its parent provides products and services for the oil and gas industry from more than 700 manufacturing, sales and service centres worldwide, including Aberdeen.
Established in 1979, Merpro employs about 200 people at offices in Montrose, the US, Egypt and Singapore.
Mr Smith, 67, is among directors who are no longer on the group’s board, according to Companies House.
Others stepping down include Margaret Smith, Jennifer Smith, David Smith, Kevin Gallacher, Alan Hutchison, Corin Main and Ian Ramsay. Other documents reveal the appointments of new directors Thomas Boyle and Steven Valentine, and company secretary Christopher O’Neill.
Accounts released by Companies House earlier this year showed Merpro nearly doubled its profits during 2009-10. It reported a pre-tax surplus of £2.43million for the 12 months to April 28, 2010, against £1.17million the year before. Turnover slid to £20.09million, against £25.6million previously.
Directors said turnover at Merpro’s manufacturing and process arm had fallen by more than 30% amid difficult market conditions but margins were higher because the mix of products leaned more heavily towards more profitable lines.
Manufacturing and testing services have since been restructured into a separate trading division from process services, to help the company to secure more fabrication and assembly-only work.
Turnover at the group’s machine-shop division was down by more than 20%, which Merpro said was because of a reduction in new drilling activity and non-essential maintenance work during the recession.