n Abbot Group has announced the acquisition for #2.78m of the in-house, non-destructive testing and technical welding department of ICI Chemicals and Polymers on Teesside.
Abbot's wholly-owned subsidiary OIS Teesside has made the acquisition, which was flagged up in Abbot's end-of-year results announcement a month ago.
The ICI division carries out work for third parties as well as for ICI and had net assets of #150,000 with turnover of #2.8m last year. Historical profit figures are not available as ICI accounted the business on a cost recovery basis.
Abbot chairman Alasdair Locke said: ''We regard this acquisition as an excellent 'in-fill' opportunity which significantly increases our inspection division's presence in the petrochemical industry with opportunities for significant growth across a wide customer base, both in the UK and overseas.''
The deal is being funded from cash resources.
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