We are delighted to announce that on the 1st of February 2022 Robertson Campbell Investments Limited (“RCI”) completed a significant investment in Wessington Cryogenics Limited ("Wessington"). As a result of the transaction RCI holds a majority stake in Wessington, with the investment enabling the company to take full advantage of our exciting growth prospects as well as investing in enhancing our manufacturing capacity and new product development.
Wessington has won a significant number of new tenders in recent months and the investment by RCI has enabled us to respond by increasing manufacturing capacity by 30%. We will continue to hire new team members throughout March and April to achieve our goal of a 50% increase in capacity this year. In addition to the investment in our workforce we have completed a six figure investment in new state of the art welding and fabrication equipment.
As you may already know, long serving Wessington directors Paul Rowe and Gill Courtney have agreed to stay with the business, with Paul transitioning from Managing Director to Technical Director and Gill remaining as Commercial Director.
The cryogenics industry is innovating at breakneck speed and we are delighted that Paul has taken up the key role as Technical Director for the company. With over 30 years industry experience, Paul is perfectly placed to be an outstanding business partner and solutions provider for our customers, who are embracing emerging green energy applications such as hydrogen and liquid air, as well as helping satisfy growing demand from industrial and offshore gas sectors.
RCI is the family investment vehicle of Colin Robertson who has joined the board of Wessington as our Executive Chairman. Colin Robertson is the former CEO of Alexander Dennis Limited, Britain’s largest bus and coach manufacturer and global double deck leader. During his 13 years as CEO, Colin transformed the business through a relentless focus on the customer and combining operational excellence, innovative products and best in class aftermarket support. Colin is Vice Chairman of NFI Group, ADL’s parent company. Colin’s previous industry experience was gained from leading global companies including Cummins Engines and Terex Corporation where he held the roles of Global VP of Operations and CEO of the $2 Billion Construction Division. This broad based experience will be very helpful in developing Wessington’s future strategy and building on its past success.
Wessington has a proud history and exciting future and Colin, Paul and Gill look forward to keeping you updated on our progress in the near future.