Motherwell Bridge bought for £38m

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

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Cape plc announced its acquisition of Lanarkshire-based Motherwell Bridge earlier today.

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".

He added: "While the business has achieved good growth over the past few years, Cape's significant resources and footprint will help accelerate and realise our growth plans in the UK and overseas.

"There is no doubt that having the backing of a leading industry player in the form of Cape will signal a major transformation of the company."

Cape chief executive Joe Oatley said: "The acquisition of Motherwell Bridge is in line with Cape's strategy to broaden our portfolio of critical industrial services.

"Motherwell Bridge has a tremendous expertise, reputation and brand recognition in the oil and gas storage tank market, including a market-leading position in the UK and we expect to accelerate Motherwell Bridge overseas growth through Cape's international footprint."

He added that combining the strengths of the two companies would provide a "unique" solution to clients in the oil and gas market.

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