Engineering firm in £38m buy out deal

A LANARKSHIRE engineering firm which makes storage tanks and gas holders has been bought over for £38 million.

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Cape plc announced its acquisition of Motherwell Bridge yesterday.

Motherwell Bridge employs about 300 people and generated profit of nearly £5 million on a revenue of £34.6 million in 2012.

The firm's chief executive Russell Ward described the sale to Cape plc - an international provider of critical support services to the energy and mineral resources sectors - as an "excellent deal".

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