Baker Hughes has sold part of its operation in Montrose for an undisclosed sum.
The oil and gas firm, which has two sites in the town, has sold its 8,000 square metre machining facility at Brent Avenue to AME International.
The Press & Journal reports that as part of the deal, a total of 118 staff will transfer to AME – a supplier to US-headquartered Baker Hughes.
They were informed of the decision on Wednesday morning.
The Brent Avenue site is one of two operated by Baker Hughes in Montrose. It also has a 35-acre site on Charleton Road.
That includes a £31million subsea centre of excellence which opened in 2019.
Romain Chambault, head of subsea projects and services at Baker Hughes, said the decision to sell came after an “extensive review of operations”.
He said it would help the business “meet the standards of our customers, optimise our business to meet future energy demands and position for a just transition.”
Mr Chambault said Baker Hughes remains committed to Montrose.