Millers Oils, an oil company based in Brighouse, has announced that the company has acquired 100 per cent of the share capital in Fuel Additive Science Technologies (FAST).
By acquiring FAST, Millers Oils will also take ownership of the established Exocet brand, a range of fuel additives and treatments which are used in a wide range of sectors including some in which Millers Oils already operate.
Jamie Ryan, managing director at Millers Oils, which was established in 1887, said: “This modest acquisition of FAST is strategic and fits very well with Millers Oils due to the high profile of the Exocet brand within a broad range of sectors, some of which will be new to the company.
“There are two good reasons why this acquisition will be successful. Firstly, FAST has a great team of dedicated skilled employees who operate along similar high quality and technologically innovative lines, and secondly, the business is very complementary to our own. There will of course be some synergy savings, but the ‘jewel in the crown’ is the Exocet brand.
“This acquisition can be regarded as the first step in Millers Oils strategic aim for business expansion and greater profitability within the UK and overseas”.