Industrial services business Cape, which has its regional headquarters in Wakefield, has taken an 80 per cent stake in a Hong Kong industrial services provider.
The company has acquired the equity stake in Hong Kong Fuji Technology (HFT) for HK$58m (£4.75m). HFT provides thermal insulation, painting, grit blasting and scaffolding services to the power industry.
Cape said the deal marks its entry into a “new geography” within the Far East and Pacific Rim. Chief executive Martin May added: “The acquisition of HFT presents an exciting entry into a strategically important market.“This is a key step which provides a springboard for Cape’s future expansion into Greater China. We see great potential for Cape in this venture and warmly welcome the HFT team, who share Cape’s commitment to safety, reliability and timely delivery, into the group.”
HFT was founded in 1993 and employs more than 130 staff. It is expected to report a turnover of HK$87m (£7.13m) in 2012.