Fisher (James) & Sons PLC
18 January 2005
James Fisher and Sons plc
('James Fisher' or 'the Company')
Acquisition of
Harsh Environment Systems Ltd
James Fisher, the marine services provider, announces the acquisition of Harsh
Environment Systems Limited, a privately owned company, for a total
consideration of £1.6 million in cash.
Harsh Environment Systems Limited ('HES') is based in Egremont, Cumbria adjacent
to the Sellafield Nuclear Plant. HES provides bespoke solutions for remote
operations and monitoring in the nuclear decommissioning industry. It designs
and develops equipment for use on hazardous sites with its own facilities for
testing equipment on large-scale mock-ups prior to installation. Barry Vernon
and Trevor Singleton, the founding shareholders, will remain in their current
position as Directors of the Company.
The purchase further strengthens the development of James Fisher Nuclear Ltd
which has its origins in the acquisition of James Fisher Rumic in 2002 and is
part of James Fisher's growing Marine Support Services Division which, in the
first half of 2004, contributed 46% of the Company's operating profit against
14% two years ago and represented 24% of assets employed.
Tim Harris, Chairman of James Fisher, said:
'Being neighbours to the BNFL site in Sellafield, HES have a natural advantage
in working closely with BNFL for servicing their site operation and future
decommissioning. The property has considerable room for expansion and HES will
complement our recent acquisitions of Remote Marine Systems and Nuclear
Decommissioning Limited.'
Gordon Robertson, Managing Director of James Fisher Nuclear Ltd, said;
'The acquisition of HES is an important building block in providing a broader
spread of high quality services to our Nuclear clients and the strategic
position of its property will also enable us to offer better local solutions and
pre-commissioning testing facilities.'
Barry Vernon, Director of HES, said;
'We are delighted to become part of James Fishers Nuclear Ltd and look forward
to integrating our products and services with their growing nuclear
decommissioning activities'
EC Hambro Rabben and Partners Ltd acted as corporate finance advisors for this
acquisition.
For further information, please contact:
James Fisher and Sons plc
Tim Harris Chairman 020 7338 5808
Gordon Robertson MD JF Nuclear Services 01653 690001 Extension 226
EC Hambro Rabben & Partners
Eivind Rabben 020 7355 4100
Peter Donald 020 7355 4100
Binns & Co PR
Paul McManus 020 7153 1485
07980 541893
This information is provided by RNS
The company news service from the London Stock Exchange
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