Laser firm deal is a measure of success

Published on Wednesday 28 July 2010 22:50

AN Aberdeen-based firm which designs laser distancing devices has sold a 29 per cent stake in the business for £2.3 million in a deal that could lead to a full buy-out.

Family-owned MDL said the holding had been acquired by Gloucestershire-based Renishaw, whose shares are listed on the main London Stock Exchange.

Under the agreement, Renishaw has the option to buy the remaining shares in MDL, which also has offices in York and Texas, over the next four years.

From its Aberdeen base, MDL services the offshore oil and gas market, with "key" customers including Subsea7 and Acergy.

The company was founded in 1983 by Steve Ball, who will remain as president, based in the US office. No other changes are expected to the 50-strong headcount.

Ball said: "The similarities between MDL and Renishaw are amazing, the main difference being that Renishaw measures small things and we measure large things.

"With Renishaw's support and investment, MDL will accelerate its drive to become a world-class company benefiting all our stakeholders and customers."

Renishaw assistant chief executive Ben Taylor added: "We have many reasons to be interested in such a high quality business."