GLENGARNOCK steelwork firm J&D Pierce have been taken over.

Swedish company Storskogen has acquired 80 per cent of the shares of JDP, a leading specialist in fabrication and site erection of structural steelwork.

However, the existing management team will continue to operate the business led by managing director, Derek Pierce, who is committed to staying in the long term and will continue as a significant shareholder in the company.

The company reported revenue and EBITA of approximately £86.8 million and £12.9 million respectively, for the financial year ending last July1.

JDP is Storskogen’s first acquisition in Scotland, and an important milestone in the company’s expansion in the United Kingdom.

Since its founding in 1975, JDP has grown into a market leader in design, fabrication and site erection of structural steelwork.

Today JDP has 425 employees and is headquartered in Glengarnock.

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Mr Pierce said: “Storskogen is a great cultural and business fit for JDP and we have shared ambitions for the future. I am really looking forward to the next phase of growth and continuing to build the business and relationships with the Storskogen team.”

JDP will be part of Storskogen’s vertical Industrial Technology within business area Industry. Fredrik Bergegård, Head of Business Area Industry, will be chairman of JDP.

Mr Bergegård said: “We are happy to welcome JDP and their employees to Storskogen where we see a great fit within our portfolio.

“Furthermore, JDP is well positioned for the future as one of the most well invested and automated companies in the market.

“With Storskogen’s expertise in the industry, we see potential for great collaboration and knowledge sharing between our companies to achieve further growth together.”

Philip Lofgren, Head of Storskogen UK, will join Fredrik Bergegård on the Board of Directors, and views the addition of JDP to the UK portfolio as another important milestone in their expansion.

He said: “What JDP has built is truly impressive, and we are excited to partner with the company in the next phase of their journey.”