CTL Engineering acquired by Howco Group
Manchester-based CTL Engineering has been acquired by Howco Group as part of its strategy for building a stronger supply chain presence in the upstream oil and gas services sector.
The deal is "vital" as it comes at a time when "growth is forecast in the industry".
Glasgow-based Howco said it intends to build on CTL's strong reputation and grow its business element "within the group's global structure".
Ian Booth, managing director of CTL, said the group can unlock the growth potential that the company's "committed and skilled workforce bring".
"The acquisition by Howco means a bright future for CTL in a market that suits our skill sets and experience," added Booth.
CTL will become an important part of Howco's oilfield manufacturing business. While CTL currently supports the sector, its presence through Howco will lead to an "increased opportunity" for producing complex manufactured products for the market.
Howco has operations in the US, Scotland, England, Canada, Singapore, Malaysia, China, Norway and Dubai.