Ambitious Cosalt makes another acquisition
COSALT’S ambition of becoming a leading global player in the provision of safety and protection services to the marine and offshore oil and gas industries was furthered today with the acquisition of Norwegian firm Myhre-Maritime.
The Grimsby-based firm, which provides critical safety equipment for the marine industry including the life raft, life boat, life jacket, fire safety and lifting and inspection sectors, has been on the acquisition trail for the past year spending more than £40m on three acquisitions to expand its marine safety business in Europe.
Acquisitions include the £30m purchase of GTC, the £2m acquisition of SSM, the £10m purchase of Bofort and most recently Aberdeen-based Safety At Height Services (SAHS).
The takeover of Stravanger-based Myhre will see Cosalt reinforce its already strong position in the North Sea. In the year to december 2007, Myhre recorded a pre-tax profit of £1.8m and a turnover of £8m.
The firm has also won new contracts with BP and BHP as well as winning a new client in Aberdeen – Apache – which has signed a five year contract.
Cosalt has been sharpening its focus on the safety sector following the sale of its schoolwear business Banner. Today it also confirmed the discontinuation of its holiday homes division.
David Ross, chairman of Cosalt, said that the company was making considerable progress in implementation of its new strategy.
“Cosalt, which has a major presence in the North Sea market, is rapidly establishing itself as a major European player and has the potential to become a leading global business in fast growing markets which, underpinned by regulatory requirements, also offer good defensive qualities,” he said.
“We are currently targeting a number of acquisitions which will both reinforce our presence in the UK and Europe as well as potentially open up new territories including the US and Far East.
Interim results for the six months ended April 27 saw Cosalt’s turnover rise to £49.6m compared to £32m in 2007. Operating profit before tax rose 476% to £3.1m compared to £0.54m for the same period the year before.
