MOTHERWELL-based MB Aerospace Holdings Ltd has announced the sale of its energy services division MBAe Oil & Gas Ltd for £8 million.
The Logans Road company, which has operations in Derby and Burnley, as well as Motherwell, has now completed the sale of its two non-core subsidiaries, MB Faber Ltd (in August 2009) and MBAe Oil & Gas Ltd, as part of its strategy to focus on its key aerospace business.
MBAe Oil & Gas Ltd (formerly Wellclad and Roberts Pipeline Machining) was sold to new Aberdeen company Glacier Energy Services Holdings Limited.
However, the 22 staff affected by the sale will remain based in Motherwell for the foreseeable future as Glacier intend to continue their manufactuaring from the Logans Road factory as an external client.
Craig Gallagher, chief executive of MB Aerospace Holdings Ltd, said: “The sale of this non-core operation represents excellent value for our shareholders at MB Aerospace Holdings and allows us to re-invest the proceeds back into our core aerospace business.”
The disposal of MBAe Oil & Gas Ltd wil enable MB Aerospace to invest in its aftermarket and late-life platform businesses.
Full story in March 31 edition of Times & Speaker