An Aberdeen-headquartered completion system and subsea connector manufacturer is set to be taken over by US-based ChampionX in a £90m deal.
RMSpumptools (RMS), currently owned by James Fisher and Sons, employs 40 people in the city and 130 across its operations in the UK, UAE and Saudi Arabia.
The business will be integrated into a production and automation technologies division within the American oilfield technology company.
The management team plan to stay on after completion of the sale, while Fisher chief Jean Vernet says it's a "significant step in simplifying our portfolio".
He adds: "We believe the transaction represents good value for our shareholders, reflecting RMS’s strong performance in recent years.
"The disposal allows James Fisher to continue its strategy of focusing and simplifying the group, investing in the core portfolio and innovative new technologies that will deliver future growth."
The sale is expected to be completed in the second half of 2024.
Read the full story in today's P&J.
FTSE 100
The UK's flagship share index, the FTSE 100, was up 21-points at 7,904 shortly after opening this morning.
Brent crude oil futures was up 0.56% today, trading at $85.91 a barrel.
Companies reporting today
- Kingfisher - Full year results
- Pennon Group - Trading statement