(Alliance News) - Renew Holdings PLC on Friday said it acquired nuclear manufacturing and fabrication specialist TIS Cumbria Ltd for around GBP4.7 million in cash.
The Leeds, England-based engineering services group said the acquisition enhances its nuclear services offering by immediately doubling manufacturing capacity and strengthening Renew's position in the growing nuclear decommissioning and new build markets.
It also said the purchase is in line with the group's strategy, while the GBP4.7 million fee will be funded from its existing cash resources. No deferred consideration is payable, Renew added.
"This acquisition will allow Renew to continue to support its existing clients and take advantage of increasing demand across the decommissioning and new nuclear build programmes. The added manufacturing capacity will allow Renew to better support its existing clients, as well as strengthening its broader market position," said Renew Chief Executive Officer Paul Scott.
"TIS represents an excellent strategic fit with our existing multidisciplinary nuclear capability, which offers attractive long term structural growth opportunities underpinned by highly visible committed regulatory spend in a sector that we know extremely well."
Shares in Renew were up 0.7% to 697.00 pence each in London on Friday morning.
By Greg Rosenvinge, Alliance News reporter
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Renew Holdings (RNWH)