North-east underwater technology firm Tritech International has changed hands and come under foreign ownership in a £21million deal.
The Westhill-based business was snapped up by US group Moog from UK safety, health and environmental technology specialist Halma.
Moog – which has its headquarters at East Aurora, New York – could not be contacted last night for comment on the prospects for Tritech’s 90-strong workforce, including 30 employees at its Aberdeenshire base.
A statement from Tritech said the takeover would open up many new opportunities for the Westhill firm and its customers.
Tritech is a designer and manufacturer of high-performance acoustic sensors, sonars, video cameras and mechanical tooling equipment.
It began life in 1990 as a two-man operation – Richard Marsh and Dick Wright – in a converted house at Kingswells, in Aberdeen.
The business was bought by Halma in November 2006 for an initial £8million but that was expected to rise to more than £10million depending on future profits. Halma also agreed to pay an initial £2million for Tritech’s design and product manufacturing partner, System Technologies, of Cumbria.
Announcing the sale of Tritech, Halma chief executive Andrew Williams said the business had performed well despite the challenges presented by the volatility of activity within the North Sea oil and gas industry.
He added: “We have concluded that, despite its many attractions, we can create greater shareholder value by reallocating resources to other Halma sub-sector businesses and that Moog’s presence in the marine-energy markets will enable Tritech to make strong progress under their ownership.”
Moog specialises in motion-control products and systems used to control military and commercial aircraft, satellites, space vehicles and missiles plus in industrial machinery, windpower, marine and medical applications.
Tritech – now Moog Tritech – becomes part of Moog Components Group, reporting directly into operations in Halifax, Nova Scotia.
A spokeswoman for Tritech said the senior management team, including managing director Simon Beswick, would remain in place.