Aberdeen pipeline technology firm Online Electronics is under new ownership after being snapped up by Norway’s IK-Group.
The value of the deal, which does not include a subsidiary, Online Valves, was undisclosed.
It is expected to lead to 10 new jobs in the Granite City in the coming year through increased market share driven by research, development and special engineering projects.
Online Electronics chief executive Brian Gribble, previously the majority shareholder, is staying on with the 19-year-old business for up to six months as managing director.
He will remain involved as a director and in an advisory role after a new boss is appointed.
IK-Group chief executive Christian Bull Eriksson and John Gotrik, the Norwegian group’s pigging and product services manager, have joined the Online Electronics board.
The north-east business, which currently employs 50 people, including 40 in Aberdeen, specialises in the design and manufacture of pipeline pig monitoring equipment and data communication systems.
It is the parent of Houston-based Online Pipeline Solutions and also has operations in Dubai, Singapore and Perth in Western Australia.
IK-Group, which now has 100% ownership, said its acquisition would strengthen its position within the pipeline sector of the international oil and gas industry.
Online Electronics, which will keep its name, and IK-Group were an excellent fit and fully complemented each other in terms of sector, technology and geography, the new owner added.
IK-Group – based at Forus, near Stavanger – was established in 1987 to supply the oil and gas industry with pipe and pipeline services and products.
The Aberdeen acquisition takes workforce numbers at the employee-owned group close to 200.
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