BALMORAL Group has completed the sale of Aberdeen-based offshore energy giant Balmoral Comtec to Freudenberg Flow Technologies, an international manufacturer of industrial solutions for sealing and connectors.
Comtec provides concept development, design, engineering, manufacturing and testing of polymer-based product solutions for sectors including oil and gas and renewable energy.
Following completion of the deal, Comtec will continue to operate from its existing locations, with no immediate changes to its name, day-to-day activity, customer contracts, delivery schedules, staffing levels or points of contact.
The sale is tipped to allow Comtec to continue its development, while enabling Balmoral to ‘sharpen its focus’ on its long-term strategy of investing in high-potential businesses, using profits to support community and charitable initiatives.
Sir Jim Milne CBE, chairman at Balmoral Group, said, “We are pleased to have found a buyer in Freudenberg that shares our values, our commitment to innovation and our belief in the strength of Comtec’s people.
“Comtec, a division of Balmoral Group, has been central to the business since its founding in 1980. Established with just four employees, it has grown into a leading global solutions provider in its market. Today, the division employs more than 400 people, with its headquarters in Aberdeen and offices in Glasgow and Houston.
“Over the past four decades, Comtec has delivered more than 4,500 projects, with around 80% carried out internationally. Its growth and global reach have played a key role in the evolution of Balmoral Group, which has since expanded into five divisions.
“This sale enables Balmoral Group to build on that success through future investment, supporting continued growth while advancing its wider vision to strengthen communities through the Milne Family Foundation and its partner charity, Friends of ANCHOR.”
Jason Kollatschny, CEO connectors and sealing solutions at Freudenberg Flow Technologies, part of the Freudenberg global group of companies, added, “Under Balmoral Group’s ownership, Comtec has developed into a highly respected specialist in offshore energy solutions, with a strong track record of innovation, technical performance and customer service. We see a strong strategic fit between Comtec and Freudenberg Flow Technologies and look forward to working with the team to deliver continued innovation for customers across global offshore energy markets.”
