A CAPITAL engineering firm has been sold in a multi- million pound deal.
LGE Process, which is based at Heriot-Watt University Research Park, has been taken over by support services firm Babcock International for £23 million.
LGE designs and builds plants for the processing, storage and handling of liquid gases and is a market leader in the supply of these solutions to the marine and onshore oil and gas sectors.
It will now merge with Babcock’s design services business unit to deliver a wider offering of mechanical, electrical and chemical process equipment for ships, oil and gas platforms and onshore support facilities.
In the last financial year, LGE generated gross revenue of £26.3m and operating profits of £3m.
Babcock chief executive Peter Rogers said: “The acquisition of LGE and its combination with our existing expertise in design services will create a strong business, well positioned to build on its current positions and develop into new commercial marine markets, particularly within the oil and gas market.”