West Country-based manufacturing firm Rotork has acquired valve maker Bifold in a deal worth £125million.
Rotork, which has headquarters in Bath, said that the acquisition would help the company with its ambitions to increase sales to the oil and gas industry.
Bifold, which was previously owned by a private equity company and has premises in Taunton, makes components which are highly sought after in these key sectors.
Following the transaction, the firm will be incorporated into Rotork’s instruments division, although it has already been confirmed that the existing management team will be staying with the business.
Peter France, Rotork’s chief executive, said: “This strategic acquisition of a long held target of Rotork’s is directly in line with our core strategy of strengthening Rotork’s presence in the flow control sector and broadening our product portfolio.
“Bifold is a highly complementary business to Rotork with a well-regarded management team that provides Rotork with an enlarged platform to further offer its products and services to the oil and gas sector and wider industrial markets.
“The combination of Bifold’s extensive product portfolio and leading technology with Rotork’s international sales network and geographic reach will significantly strengthen our presence across the global flow control market.”
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