Acquisition

RNS Number : 5866X

Fisher (James) & Sons PLC

18 August 2009

 



18 August 2009 

JAMES FISHER AND SONS PLC

Acquisition of MB Faber

James Fisher and Sons plc today announces the purchase of MB Faber Ltd (Faber) for up to £5.25 million in cash. The consideration consists of £4.0 million net of cash payable on completion with up to a further £1.25 million in March 2010, provided the EBITDA (earnings before interest tax depreciation and amortisation) for the year ended 31 December 2009, exceeds £1.225 million.

Faber provides specialist electrical and engineering services to the nuclear and aerospace industries. It will be integrated with James Fisher's existing nuclear decommissioning business, James Fisher Nuclear (JFN) which designs and builds remote handling devices for nuclear decommissioning. Faber is synergistic with JFN and will strengthen and give greater scale to James Fisher's existing nuclear decommissioning business.

Faber is based in Leyland, Lancashire, and has satellite operations close to Sellafield in Cumbria. It currently employs 120 specialist engineers and has been in the nuclear business since 1988. Its turnover in 2008 was £6.8 million with an EBITDA of £522,000 (after adjustment for nonrecurring items) and depreciation charge of £114,000. At 31 December 2008 it had net assets of £1.2 million.

Tim Harris, Chairman of James Fisher and Sons plc, said:

'Faber will strengthen our nuclear decommissioning team and business which has been performing strongly in recent times'.

E C Hambro Rabben & Partners has acted as corporate adviser to James Fisher and Sons plc

Contacts:

James Fisher and Sons plc	Tim Harris	Chairman	020 7614 9508
James Fisher Nuclear	Paul Read	Managing Director	07831 553 719
EC Hambro Rabben & Partners	Eivind Rabben Peter Donald		020 7355 4100
Financial Dynamics	Simon Elliott		020 7269 9318

 

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