Privately-owned Balmoral Group has sold off its marine division formerly known as Balmoral Marine- and now the Viking Moorings- to a management buy-out team in a $38.8 million deal.
At least $17.6 million of the proceeds would be invested in its tanks and advanced composites business, while a further $17.6 million would be used to kick-start long-awaited plans to build a business park on 22 acres of surplus land at the group's headquarters in Aberdeen.
The sale to the Viking buy-out team was announced on the opening day of what is scheduled to be a six-week trial to hear the case between Balmoral Group and Borealis.
Balmoral claims that a material called Borecene sold by Borealis led to failures in the tanks Balmoral makes for holding chemicals, fuel, oil, sewage and similar fluids. As a result of these failures, Balmoral has been forced to spend millions replacing these tanks, and is thus seeking damages against Borealis.
(Source: The Herald)