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Management Buys Out Forth Tool & Valve
01 Jan 2002
Taking effect 31 December 2001, the Forth Tool & Valve division of BI Marine & Offshore Limited (FTV) underwent a management buy-out, returning 80% of the sub-contract engineering business to private ownership.
Founded in 1973 by Duncan MacPherson, FTV specialises in precision sub-contract machining for the aerospace, oil and gas, and power generation industries. The Fife-based company experienced significant growth in the 70s and 80s before being taken over by the BI Group Plc in 1989.
FTV formed an integral part of BI Marine & Offshore Limited whilst also developing its weld cladding business for the oil and gas industry (Proclad) and a range of in-house designed controlled boring tools (Innovative Tooling Solutions).
In 1990, BI Marine & Offshore Limited increased its product range through acquisition of the pump manufacturer Dawson Downie Lamont Limited, based in Clydebank.
The management buy-out returns 80% of the Glenrothes company to private ownership with BI Marine & Offshore Limited retaining a minority shareholding. The acquired businesses are Forth Tool & Valve Limited, Dawson Downie Lamont Limited and Innovative Tooling Solutions. Proclad, which remains under BI Group Plc ownership, has changed its name to Proclad International Limited.
Campbell MacPherson, FTV's chairman and managing director, has asserted the company's commitment to increased customer focus through continuous improvement in all activities including quality control and health and safety.
Tel: 01592 772568
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