Scott Timber Group has been rebranded as Scott Group Ltd and has acquired Scottish engineering supplies firm Fasco as it continues to diversify its business operations.

Fasco, which supplies a range of industrial fasteners and woodworking machinery, including lathes, planes and other hand-held tools, employs 60 and has an annual turnover of £10m, which the renamed Scott Group plans to develop and expand.

“We are buying Fasco to grow it and we believe there will be very strong opportunities to do this with the access they will now have to a much larger customer base,” said John Scott, managing director of the Scott Group.

“Our existing customers buy this type of equipment on a regular basis and Scott Group is developing a strong position that offers companies the convenience and cost savings of dealing with one supplier.”

Fasco has also moved into new premises in Grangemouth, Scotland, in order to make create “one big happy family”, adding that that the move is “a big step towards the future of the business”.

The acquisition of Fasco brings the total number of purchases by Scott Group to 26 since 1998 and, according to the firm, puts it on target to increase group turnover from £85m to £150m by 2010, including increasing Fasco’s turnover by £5m.

Scott Group changed its name from Scott Timber Group in order to “reflect its growth and diversification”, which includes expanding into the pallet manufacture, packaging and wood waste disposal sectors.

Other recent acquisitions by Scott Group include securing a majority stake in transit firm European Logistics Management Ltd, allowing it to “ensure security of supply for its customers”.