Teck Skotselv | Growth through merger
The two instrumentation companies Teck Skotselv and Hyptech Instruments & Control team up and raise capital for further growth.
Teck-Skotselv is Norway’s largest manufacturer of instruments for temperature and pressure monitoring for offshore, marine and process industries. The company is a leading manufacturer within custom-made and bespoke solutions. Hyptech is an independent Norwegian provider of instrumentation and process control systems to the Norwegian offshore and onshore industry. The company represents some of the leading suppliers in the areas of level, pressure and temperature monitoring and process control and analysis. The two companies will have a total of 60 employees at offices in Skotselv, Drammen, Stavanger and Bergen, and have a combined annual turnover of approximately NOK 170 million. The companies will operate in the market under their existing names, until a new common name has been selected.
"These are two companies with complementary products and overlapping skillsets, and in combination they will offer its customers even better products and solutions. We see a promising outlook in the oil and gas market over the next few years, and this transaction will strengthen our position especially in this segment, "says Chairman of Teck Skotselv, Ådne Grødem.
"We consider teaming up with Teck Skotselv as a big and important step in the further development of Hyptech to a larger and more complete player in the market. Our employees will see increased opportunities for expansion and exciting development opportunities, and this transaction confirms strength and longevity from an ownership perspective, "say the founders of Hyptech, Pål Kvam and Yngve Hedenstad.