Control valve manufacturer Severn Glocon nets multi-million pound investment
Subject to certain conditions, the investment deal will see management team member Colin Findlay take on the role of CEO to lead implementation of a new plan for expansion and a focus on new product development.
One of the biggest manufacturers of control valves for the oil and gas industry, Severn Glocon employs over 900 staff across the world, including 370 in the UK. The British company, which has manufacturing locations in Gloucestershire, Yorkshire and Chennai, and global service operations, now has a fully-funded growth plan.
Severn Glocon founder Maurice Critchley will take on a non-executive director role and will remain as an investor in the company, together with Blue Water Energy. Christopher Powell will continue as chairman of the company.
“Having created an excellent global manufacturing business over the past 30 years, I am pleased to see it in good hands and I look forward to supporting our new CEO, Colin Findlay, and Blue Water Energy, in taking Severn Glocon to the next level around the world,” commented Critchley.
CEO Findlay added: “I am very proud to step into the role, leading the highly experienced Severn team. Our development plans are now in place and backed by Blue Water Energy. We are confident that our markets are strong and Severn will continue to punch above its weight with specialised products in all of its core markets.”
“We are delighted to be working with this hidden gem of British industry,” noted Salil Oberoi, director of Blue Water Energy. “We are excited to work with Colin Findlay and his team as we embark on the next chapter of the Severn Glocon story.
“Blue Water Energy brings a wealth of experience in growing energy related companies and we share the same ambitious growth plans for Severn Glocon that Colin and his team have. We are also are grateful to have Maurice Critchley in his new advisory role on the board and the experience he brings.”