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Millers Oils recently announced that the company has acquired Fuel Additive Science Technologies (FAST), which will continue to operate as a wholly owned subsidiary of Millers Oils.
The acquisition is anticipated to help broaden the range of Millers Oils' products, expanding the company's customer base into the marine and domestic heating oil sectors, both within the United Kingdom and overseas.
"This acquisition can be regarded as the first step in Millers Oils' strategic aim for business expansion and greater profitability within the UK and overseas," said Jamie Ryan, managing director at Millers Oils. "With FAST being a former supplier of Millers Oils, we know the company well."
By acquiring FAST, Millers Oils will also take ownership of the Exocet brand, a range of fuel additives and treatments used in a variety of sectors. The company's commitment to research and development is expected to help further enhance the brand through the introduction of new products.
"Exocet has become a leading brand in the fuel additive market, a fact clearly recognized by Millers Oils," said Robert Hall, chairman of Fuel Additive Science Technologies. "The acquisition of FAST will provide the company with the much needed financial and managerial resources to expand and develop new and exciting products."
FAST's managing director, Neil Ryding, will remain with the company to provide management continuity and will work with Millers Oils to fully integrate the business.
For more information, visit www.millersoils.co.uk.