Wellstream International 2014 Profits Boosted By £230m Sale To GE Oil And Gas
Walker Riverside-based firm reported a profit on sale of business of £230.4m after it was acquired by global oil player GE
The Walker Riverside-based firm reported profit on sale of business of £230.4m in 2014 after it was acquired by global oil player GE.
Accounts filed at Companies House show revenue fell from £200.8m to £148.8m between 2013 and 2014. In the same period gross profit fell from £76.4m to £67.2m.
Earlier this year news emerged of a small number of potential redundancies at Wellstream’s Walker base as part of a restructuring exercise in the face of falling oil prices.
At the time GE Oil and Gas said it would help the 17 employees affected by offering transition to another job within GE, or an outside company.
The firm said: “Taking this action now will enable us to run our business more efficiently, remain competitive in a challenging environment and better meet the needs of our customers.”
Staff levels fell from nearly 600 to 437 in the period under review, the accounts showed.
In October 2014 the firm paid a £299.8m dividend to Wellstream Finance Limited – its parent company.
During 2014 the business of Wellstream International was transferred into the GE Oil and Gas UK Limited legal entity, and the firm is now a holding company which has ceased trading.
Wellstream, which opened on Tyneside in 1998, was named the North East Company of the Year in 2007.
As well as its operation in Walker, Newcastle, it also has manufacturing facilities in American and Brazil.
- Chronicle Live
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- October 13, 2015
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