A Fife corrosion protection firm has announced plans to invest £6 million in new equipment as it looks to capitalise on fresh opportunities in the burgeoning subsea sector.
Glenrothes-based FTV Proclad, part of the global Proclad Group, said the funding package would enable it to upgradeplant and take on new business, with an eye on work in offshore renewables markets.
The move will be supported by a £750,000 regional selective assistance grant from Scottish Enterprise, and will create 10 jobs as well as safeguarding an existing 145 workers at the Viewfield Industrial Estate concern.
Proclad operations director Duncan McDougall was “delighted” at the support from the business agency. “This will enable us to invest in a £6m programme of upgrading of machinery and equipment by purchasing eight new state of the art CNC (computer numeric control) machines,” he said.
“This will give us the opportunity to take on new business in the fast-growing area of subsea equipment protection, making the company competitive in its sector.”
The wider Proclad group, which has a string of complementary businesses in the subsea sector, has a turnover of around £200m and supplies leading contractors working for oil majors, Mr McDougall said.
Some 300 staff are employed across sites in Glenrothes and Livingston, with a further 350 workers in Dubai and Singapore. Between 80% and 90% of products are exported, with key markets including the USA, West Africa and Western Australia.
The company, founded in Glenrothes almost 40 years ago, has invested around £6m over the last five years, he added.
“The market we are in is getting more demanding in terms of its engineering tolerance we have to achieve,” Mr McDougall said.
“The funding allows us to upgrade to modern equipment more capable of meeting the needs of the market today. We are in a key location for the renewables business, and we’ve got the skills in place which we hope to be able to transfer.”
He said the firm welcomes the chance to work closely with Fife Council on training initiatives and apprentice placements.
The council’s executive member for business, enterprise, economy and planning Lesley Laird paid tribute to the firm for its “world-leading” capabilities.
“We look forward to working closely with the company to deliver apprenticeships and training to meet the demands of the industry and develop the growth potential of this sector,” she said.
“This is an exciting time for Fife’s companies and the region is proving to be an attractive location for the subsea engineering and renewables sectors.”
Eleanor Taylor, business support director at Scottish Enterprise, said Proclad was “the kind of company” the agency was here to support.