EXPRO, one of Furness’s biggest employers, is to be sold to the German giant Siemans for £397 million.
The sale, subject to approval by anti-trust authorities, is expected to complete in May.
Expro’s Connectors and Measurements business – formerly Tronic – employs around 450 people, mostly based in Ulverston.
The company provides advanced technological products for the global oil and gas industry.
Siemans say that Expro’s Tronic and Matre products will play a crucial part in the development of technology it is currently developing for use in water depths of up to 3,000 metres.
Mark Jones, managing director of Expro C and M, said: ‘This is an exciting opportunity for us to enhance and develop our business further thanks to the financial strength and global network of Siemens.
“Siemens are a company which invests significantly in research and development and the personal development of its employees so this is a very exciting time for both our customers and our employees.’ Expro has £12 million centre on Low Mill Business Park in Ulverston. Last year, the company announced the creation of 70 jobs.