Whessoe joins Samsung C&T and aims to triple Darlington workforce (From The Northern Echo)
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Whessoe joins Samsung C&T and aims to triple Darlington workforce
4:14pm Monday 18th March 2013 in Business News
By Andy Richardson
Al-Rushaid has sold Whessoe Projects, part of Whessoe Oil and Gas to Samsung C&T
THE future of a famous North-East engineering firm has been secured after it was bought by a giant Asian company.
Whessoe Projects, which has its roots in Darlington dating back to 1790, is now part of Korea-based Samsung C&T (Construction & Trading) - a division of the Samsung corporation.
The deal safeguards the futures of Whessoe's 60 employees and will lead to staff numbers at the Morton Palms in Darlington site tripling over the next five years.
Samsung has ambitious plans to invest millions of pounds in new technology to grow the company which designs and builds storage tanks for the oil and gas industry.
The Whessoe name will be retained and the company will continue to be run by its existing management team led by general manager Wilf McNaughton. A new chief executive, Steve Kim will be based at the site. A chief finance officer and engineering coordinator as well as human resources and marketing bosses will be appointed in the coming weeks.
Whessoe had been running at a loss under previous owners Al-Rushaid Group of Saudi Arabia which has been attempting to sell the business for the last three years. Mr McNaughton said: "This deal is a vote of confidence in the skills, knowledge and innovation that this historic company has delivered and continues to offer the world."
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