Investors backing expansion
Texo plans ‘new model’ engineering firm employing 1,000
New group will build on current company expertise such as drone technology
A group of wealthy investors are behind ambitious plans to build a new engineering and technology group, headquartered in Scotland.
Texo Group will pull together existing operational businesses to offer turnkey services to UK and global markets, embracing initial design, through to lifecycle management of critical assets.
It aims to employ up to 1,000 skilled workers and achieve revenues of £100 million, though no time-scale has been given. It is intending to pursue an acquisitions strategy.
The company is headquartered in Aberdeen and has operations in Dundee, Tyneside and overseas as well as dedicated R&D facilities at Heriot-Watt University.
It will have six divisions covering drone, engineering, fabrication, marine, compliance and inspection services.
The group is already established as a top market player in drone technology. Texo Drone Survey and Inspection (Texo DSI) is an Essex-based specialist in unmanned aerial vehicles which last September signed a six-figure sponsorship deal with Aberdeen Football Club.
Nothing has been disclosed about the expanded group’s backers apart from their intention to “invest lots of money” in the project.
John Wood, chief operating officer for Texo DSI and Texo Group, said the new company had “decades of experience and expertise in technology, engineering and industrial services”.
It also benefits from “significant” capital investment to “bring to market a fully integrated asset services solution for the global energy sector and other critical infrastructure industries,” he added.
“Challenging the status-quo and looking at new processes and technologies to help clients operate, manage and extend the safe working life of their assets is something that is in our DNA. We are not looking to be a ‘me too’ organisation.
“As a group we have looked at the architecture of traditional EPC companies, with fragmented supply chains and have redesigned the model to become a unique client-centric organisation which will help them work smarter, safer and more efficiently.”