(Alliance News) -Â InfraStrata PLC on Friday said it has bought assets from Burntisland Fabrication Ltd, giving the company increased capacity across two sites in "prime locations" in Scotland.
The consideration paid comprises GBP650,000 in cash with further deferred consideration of up to GBP200,000 subject to the achievement of future revenue targets.
The London-listed infrastructure projects firm has bought assets and leases across two sites in Scotland, being Methil on the east coast of Scotland and Arnish on the west coast of Scotland. The Burntisland site will not form part of the transaction.
Over 25,000 square metres of undercover fabrication capacity have been acquired, with 580,000 square metres of total site area and 24,000 tonnes of quayside load-out capabilities and annual throughput tonnage potential estimated at over 100,000 tonnes.
The assets acquired and up to 29 existing employees will come under the newly formed Harland & Wolff (Methil) Ltd, a fully owned subsidiary of InfraStrata.
"The acquisition fulfils the company's strategic ambition to have fabrication sites across various geographical locations of the United Kingdom, leading to local and cross government support; aligned even closer to the UK Government's 'levelling-up' agenda and the 'Green Industrial Revolution'," InfraStrata said.
Shares in InfraStrata were up 3.6% at 40.50 pence in London on Friday.
By Lucy Heming;Â lucyheming@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.