NORTH-EAST contractor M&M Plasline has paid £1 million for off-site construction specialist Metek Building Systems.
Metek, which has a turnover of £6 million, manufactures steel frame panels from its factory in Bristol.The firm will relocate to MMP's new headquarters in Bishop Aukland.
The acquisition is part of MMP's plans to triple its turnover over the next four years.
Managing director Jeff Fryer said: 'The chairman wants a turnover of £50 million.
'On the back of the Metek acquisition, I would say we are on track for that.'
Mr Fryer hopes to maintain Metek's existing contacts in the south and will keep on Metek's founder, Dr Alan Rogan.
The manufacturing arm is expected to continue trading under the Metek name.
Mr Fryer added: 'Buying Metek is part of a £3 million investment in the business that includes our new offices, which will be five times as big as our existing base.'
The expansion includes 50 new staff, taking the company's total workforce to around 300.
MMP has worked on several high-profile schemes in the north-east including Laing O'Rourke's £70 million Sage Gateshead arts complex, which is due to open next month.