A NORTH-EAST precision engineering firm has been acquired by a subsea company.
KRG Industries, in Stockton, has been bought by Proserv.
The 35-year-old company, which employs about 170 workers across its Stockton plant and sister Scotland base, provides precision engineering services to the oil and gas and aerospace and defence industries.
Bosses say KRG's existing management team will continue to run its operations, with the deal reinforcing Proserv's presence in engineering, manufacturing and testing of specialist subsea equipment.
Proserv operates across the world in drilling and production across the subsea and marine energy markets.
David Lamont, Proserv chief executive, said: “The KRG acquisition is a perfect fit because they bring a broad range of technical skills and experience.
“However, most importantly, they share our values and ambition and together as one company, we are even stronger.”
The deal comes after Proserv bought Australian-headquartered subsea company Velocious and took on US-based Total Instrumentation and Controls, adding more than 300 staff to the firm.