Scottish entrepreneur Jim McColl has sold the engineering company Clyde Union Pumps for £750million.
McColl bought the Glasgow-based company four years ago in a 348million deal.
McColl’s industrial investment arm, Clyde Blowers Capital, has reached an agreement to sell Clyde Union Pumps (Clyde Union) to the SPX Corporation.
SPX will pay £700 million cash with a further £50 million subject to the company hitting performance targets.
The deal will see Clyde Union run as a standalone business with its headquarters in Glasgow.
McColl said he only agreed to the sale after he was given assurance by SPX that Clyde Union’s 2,000 global employees were kept on after the sale.
He said in a statement: “A very important part of our discussions has centred around us being convinced that SPX would be a good responsible owner of this business and would continue to support its growth.
“As a very large corporation, we firmly believe SPX can provide that investment and be a safe custodian of our business going forward.
“But this is about more than money. I went to America personally to meet the Chairman and Chief Executive and to satisfy myself that they were committed to growing Clyde Union, and that was a key part of my due diligence.
“I made it clear to them that I had more invested in the company than just money. I told them I had strong emotional investment, and I genuinely wanted to see the business and the employees go on and prosper.
“I would not have sold Clyde Union to anyone who wouldn’t take the company to the next level. There had to be a long-term commitment.
“When we bought Weir Pumps from the Weir Group and saved it from almost certain closure, we made certain promises, all of which have been kept. I’m proud of that.
“We promised to retain and grow the workforce we have increased the staff from 535 to 891 at Cathcart, and to 2,037 globally, all high-level jobs.”