Aberdeen offshore energy specialist employing 400 people sold to German group
“We are pleased to have found a buyer in Freudenberg that shares our values, our commitment to innovation and our belief in the strength of Comtec’s people” – Sir Jim Milne
An offshore energy specialist founded in Aberdeen in 1980 that now employs 400 people has been sold to a German multinational.
Balmoral Comtec has grown from a four-person start-up in the Granite City into a global offshore services business with hundreds of workers across Aberdeen, Glasgow and Houston in the US. The business designs, manufactures and tests polymer-based products for offshore energy markets, including oil and gas and renewables.
Owner Balmoral Group has now agreed a sale of Balmoral Comtec to Freudenberg Flow Technologies - a privately held, German-headquartered business operating in more than 60 countries and employing some 52,000 people. Financial terms have not been disclosed.
Following the completion of the deal, Comtec will continue to operate as normal from its existing locations, with no immediate changes to its name, day-to-day activity, customer contracts, delivery schedules, staffing levels or points of contact.
Both Comtec and Freudenberg said they recognised that the strength of the business lies in its existing team and that they are committed to maintaining continuity for employees, customers and partners.
The sale will allow Comtec to continue its development, while enabling Balmoral Group to “sharpen its focus” on its long-term strategy of investing in high-potential businesses, using profits to support community and charitable initiatives.
Sir Jim Milne, chairman at Balmoral Group, said: “We are pleased to have found a buyer in Freudenberg that shares our values, our commitment to innovation and our belief in the strength of Comtec’s people.
“Comtec, a division of Balmoral Group, has been central to the business since its founding in 1980. Established with just four employees, it has grown into a leading global solutions provider in its market. Today, the division employs more than 400 people, with its headquarters in Aberdeen and offices in Glasgow and Houston.
“Over the past four decades, Comtec has delivered more than 4,500 projects, with around 80 per cent carried out internationally. Its growth and global reach have played a key role in the evolution of Balmoral Group, which has since expanded into five divisions.”
He added: “This sale enables Balmoral Group to build on that success through future investment, supporting continued growth while advancing its wider vision to strengthen communities through the Milne Family Foundation and its partner charity, Friends of Anchor.”
Freudenberg said the deal would provide Comtec with the backing of a global industrial group, supporting continued technical expertise, innovation and service for customers across offshore energy markets.
Jason Kollatschny, chief executive of connectors and sealing solutions at Freudenberg Flow Technologies, said: “Under Balmoral Group’s ownership, Comtec has developed into a highly respected specialist in offshore energy solutions, with a strong track record of innovation, technical performance and customer service.
“We see a strong strategic fit between Comtec and Freudenberg Flow Technologies and look forward to working with the team to deliver continued innovation for customers across global offshore energy markets.”
Freudenberg serves diverse industries with solutions in sealing technologies, filtration, specialty chemicals, medical devices, technical textiles and consumer cleaning products.
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