EnerQuip plots new jobs and growth following the “strategic acquisition” of Fife-based precision machining company Diamac Engineering.
The Aberdeen-based torque machine specialist confirmed the buyout on Monday and said the deal – the value of which was not disclosed – would see it welcome Diamac’s 10-strong staff to the wider EnerQuip team.
Moreover, EnerQuip said it expects the acquisition to spark a further growth in staff numbers, with four new positions likely to be created in the next six months as it continues with local and international growth plans from locations in Abu Dhabi, Australia and Houston.
Diamac Engineering was established in 1997 and offers a broad scope of services, including turning, milling, grinding, cutting, cleaning and inspection equipment.
The addition of the Cowdenbeath specialist to EnerQuip’s portfolio brings additional machining capability for the group in-house and offers new diversification opportunities, owing to its established reputation across a range of industries.
Indeed, more than half of Diamac’s revenues are derived from outside of the energy sector, opening up a host of new sectors for the torque specialist.
Commenting on the deal, EnerQuip managing director Andrew Robins said: “The acquisition of Diamac Engineering allows us to enhance and refine our existing service offering by taking control of another key element of the manufacturing process.
“Diamac’s well-established reputation in other sectors is something we look forward to exploring in parallel with consolidating our position in traditional marketplaces as we look optimistically towards future sustainability and diversification.”
The deal is the latest in a run of acquisitions, the most recent of which saw the firm take on the AMC product line from Forum Energy Technologies, securing ownership of the intellectual property, people, and assets in a move to consolidate its market position.
At the same time, international expansion has continued via establishment of a new permanent presence in Australia. EnerQuip suggested it would announce “further advancement” on this front before the end of the year.
It follows strong results reported earlier in the year, with expectations that the company will take on eight new staff in the UK and overseas during 2022, of which engineering roles form a top priority.
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