Hundreds of new jobs could be created with the takeover of a South Tyneside company.
Engineering and technology specialist Texo Group has taken a majority shareholding in Hebburn-based CFS Offshore Engineering Ltd.
The firm, which will become Texo CFS, provides full class approved fabrications, vessel mobilisation and demobilisation services, and engineering solutions to the Oil and Gas and renewables sectors from its riverside plant, with an additional facility under construction at the Port of Blyth.
CFO employs around 20 people directly, with around another 120 contractors, and bosses hope to quadruple the workforce over the next four years.
#Darren Carlisle, Operations Director, Texo CFS said: "This is the dawn of a new era for our business. Since our inception four years ago we have worked hard to build the business and we are now recognised as a specialist in our sector.
"When Texo Group approached us and outlined their strategy we were hugely impressed by their vision in the creation and formation of a unique iEPC (Inspection, Engineering, Procurement and Construction) group. Being part of Texo Group will help us reach heights that we simply would not have been able to achieve on our own.”
Newly appointed managing director Andrew Robson added: "This acquisition is a key component in Texo Group’s development, of which already boasts strategic quayside facilities at the Port of Dundee and now on the River Tyne and Port of Blyth; providing clients with unsurpassed fabrication and engineering solutions.”
With the support of the wider group, Texo CFS will be able to provide clients with an integrated concept design through to installation service.
Texo Group has been formed to meet the demand for integrated engineering services within critical infrastructure and provides leading Inspection, Engineering, Procurement and Construction (iEPC) services for multiple sectors.
The group is headquartered in its purpose-built facility in Westhill, Aberdeen, alongside strategically placed fabrication facilities at the Port of Dundee.