News in brief

Kvaerner contract

Kvaerner Oil & Gas has won a contract worth £100m to engineer, build, install and commission an 8,000-tonne platform for Texaco’s North Sea Captain field. The job will create 400 more jobs at Kvaerner’s Methil yard in Scotland.

Valves merger

Anderson Greenwood and Crosby, makers of pilot- and spring-operated pressure relief valves, have merged. The new company is part of the flow control division of Tyco Group. The firms will be consolidated at Market Harborough. Instrumentation products will still be made at Stockport.

Premier purchase

Family firm Archibald Young (Brassfounders) of Kirkintilloch has acquired Premier Castings, based in Oldham, Lancashire. The combined company will have 50 employees.

Power plant sale

National Power is to sell the largest coal-fired power station in the UK its 4,000MW Drax plant near Selby in Yorkshire for up to £2bn to secure regulatory approval for its acquisition of Midland Electricity’s supply business.

US separation

Engineering group Johnson Matthey said this week it would separate its poorly performing US electronics businesss from its profitable UK chemicals and catalysts operations. Analysts speculated that the move might presage a sell-off.

State aid adjusted

The European Commission is bringing in tighter rules on state aid to industry to ensure that unlawful aid is repaid and to make existing laws more transparent. Aid to industry across the EU totals £25bn a year.

Brakes off for Lucas

LucasVarity has sold its Ohio-based heavy vehicle braking systems division for £230m to Meritor Automotive of Michigan. Lucas said the firm could not maintain a lead in the sector.