Acquisition of Maritime Engin

RNS Number : 3826X

Fisher (James) & Sons PLC

06 December 2010

 



Monday 6 December 2010

JAMES FISHER AND SONS PLC

Acquisition of Maritime Engineers

James Fisher and Sons plc today announces the purchase by its subsidiary, JF Australia Holding Pty Ltd, of Maritime Engineers Pty Ltd ("Maritime Engineers" or the "Company"), Perth, Western Australia, for a total consideration of £1.4 million in cash.

Maritime Engineers, previously a family owned company, is a leading independent marine engineering consultancy and inspection company in Western Australia. With 10 qualified marine engineers or naval architects, its consultancy work covers a wide range of clients active in the marine sector in the region. Clients include commercial and naval ships, companies working in the offshore energy market, banks and insurance companies. The Company complements the existing activities of Fendercare in Australia and is expected to expand its business elsewhere in the Asia Pacific region.

Maritime Engineers had turnover of £1.1 million in the year to 30 June 2010 with net profit before tax of £0.27 million. Net assets on the date of completion were £0.35 million.

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

"We have set our sights on expanding our marine service companies in Australia and Asia Pacific. This small acquisition fits neatly into these plans and follows our recent acquisitions of ACM and RigCool."

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
Fendercare Marine Solutions	Eric Plane	Managing Director	01508 482 691
EC Hambro Rabben & Partners	Eivind Rabben Peter Donald		020 7355 4100
Financial Dynamics	Richard Mountain		020 7269 7186

 

END

 

 

ACQKMMGZVFNGGZM