Babcock International Group PLC
21 April 2008
Babcock International PLC
21 April 2008
Acquisition of
Weir Strachan & Henshaw
Babcock International Group PLC ('Babcock'), the engineering support services
company, today announces it has acquired Weir Strachan & Henshaw ('S&H') from
The Weir Group PLC for a net cash consideration of £65 million.
S&H is a leading specialist engineering design, project manager and provider of
through-life support for the defence and nuclear industries, with locations in
the United Kingdom, Australia, Canada and the United States. S&H is also a
principal service provider for the Canadian submarine fleet.
Babcock is a leading provider of support to the Royal Navy's submarine and
surface ship fleet. The acquisition will further strengthen Babcock's Marine
division, extending its range of marine support services through S&H's expertise
in weapons handling and launch systems. The acquisition will also provide an
opportunity for Babcock to enhance its geographic and customer footprint.
In the nuclear sector, S&H has expertise in fuel handling and decommissioning
and waste handling services. The acquisition will complement Babcock's existing
nuclear service capability and enhance its position as a major UK supplier of
engineering support services in key areas of this expanding marketplace.
In the financial year ended 31 December 2007, S&H generated gross revenues of
£51.8 million.
Peter Rogers, Chief Executive of Babcock said:
'The acquisition of S&H enables us to further expand in two of our key markets -
Marine and Nuclear. In Marine, the combination of our existing expertise in
submarine support with that of S&H makes us well-placed to build strongly on the
international presence that S&H has already established. In both markets the
acquisition will extend our range of services to customers, thereby opening up
new growth opportunities.'
For further enquiries, please contact:
Babcock International Group PLC Tel: +44 (0) 20 7291 5000
Peter Rogers
Bill Tame
Terri Wright
Financial Dynamics (PR for Babcock) Tel: +44 (0) 20 7269 7121
Andrew Lorenz
Richard Mountain
Sophie Kernon
This information is provided by RNS
The company news service from the London Stock Exchange
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