Oliver Valves has exchanged contracts with Cheshire East Council to acquire a 17-acre plot of land at Parkgate Industrial Estate, Knutsford.
Located adjacent to the business' current headquarters, the site was purchased for an undisclosed sum and will be used to support its long term expansion.
The Cheshire-based manufacturer of valves and equipment for the global oil and gas industry is now considering options for the development of the site, including consolidating its current twelve factory units on the estate.
In 2012, Oliver Valves expanded with a new 47,000 sq ft manufacturing facility in Knutsford and in 2013 it has invested in a new R&D facility dedicated to product development and a new 5,000 sq ft distribution centre, also at Parkgate Industrial Estate.
The company, which operates across three divisions – Oliver Valves, Oliver Valvetek and Oliver Twinsafe – and employs 350 people in Knutsford, is now targeting growth to a turnover of £100m within the next 12 to 18 months.
Chairman Michael Oliver said: "We've been manufacturing valves in Cheshire for more than 30 years and we're proud that products designed and made here are a feature of major energy projects all over the world.
"We're committed to our future in Knutsford and this acquisition will ensure we have the room to expand the business organically as we pursue our ambitious growth targets. We look forward to bringing forward proposals in due course."
Cheshire East Council leader Cllr Michael Jones said "We are delighted that we have been able to accommodate the long term future and expansion plans of such a key employer which retains and creates new skilled employment opportunities within Cheshire East."